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West Bay Buys Industrial for Residential

SAN FRANCISCO-The development company pays $9.2 million for a small industrial property in the South Beach area here that will become a nine-story, 74-unit condo building.

By Brian K. Miller | Updated on July 23, 2007

(Read more on the multifamily market.)

SAN FRANCISCO-West Bay Builders has acquired a small industrial parcel in the South Beach area here on which it is planning to erect a residential condominium building. The Novato-based developer says the 0.67-acre property at 72 Townsend St. eventually will be home to a nine-story, 74-unit condominium development with street-level retail.

The development site is located between Second and Colin P. Kelly Jr. streets. The existing facade of a 31-foot-tall, 28,175-sf historic building on the site will be incorporated into the new 147,320-sf, 99-foot-tall structure, according to Grubb & Ellis Co., the brokerage firm involved in the transaction.

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