12,000 SF of Prime Retail Commands $15M

SAN FRANCISCO-Los Angeles-based buyer Ross Hilton Kemper has acquired the 12,000-sf Benetton building from a European fund for $15 million, the latest in a series of Union Square retail properties to command top dollar. Kemper acquired the property, which is at 39 Stockton St., through his private family trust.

The retail building is 100% occupied by United Colors of Benetton and is the Benetton flagship store in San Francisco. The property is situated directly across from the Barneys New York store that is scheduled to open this fall and is a neighbor to such other brand names as Louis Vuitton, Gucci, Neiman Marcus and the Apple Store.

The acquisition follows a Kemper strategy designed to acquire a portfolio of luxury retail properties. Kemper says his goal is to “assemble one of the finest collections of high-end real estate in the very best retail areas of North America and Europe.”