SAN FRANCISCO-The Savoy Corp. has sold 170 Columbus Ave., also known as the Pansini Building, along with 1455 N. McDowell St. in Petaluma, as part of a two-building portfolio. The buyer of the $16-million portfolio was private investor, Rona Real Estate LLC.
According to Colliers International, who represented the seller, the sale represents the strength and attractiveness of the Jackson Square submarket, where the Pansini building is located. The 2.26-million-square-foot submarket has had historically low vacancy and boasts diverse mix of tenants, including law, advertising, technology, and design firms, the firm says. And according to the company’s mid-year report, Jackson Square has had marginal occupancy growth of 8,251 square feet this year and its vacancy rate is currently 11.6%.
The Pansini building was built in 1985 by the Savoy Corp. Located on the corner of Columbus Avenue and Kearny Street, the five-story, plus lower level, mixed-used property consists of ground floor and lower level retail with office on the upper floors, plus a four-level subterranean parking garage. The building is 100% leased. Excluding parking, the building is approximately 62,265 square feet.
The property was sold with 1455 North McDowell Blvd., a 34,399-square-foot building located in the Redwood Business Park, Petaluma. Built in 1992, 1455 McDowell Blvd. is a one-story office building that is 65% occupied by Sonoma Technology.
Senior vice presidents Tony Crossley and Tim Maas of Colliers San Francisco commercial investments team represented the seller. Erik Hanson, a senior financial analyst with Colliers, who also worked on the sale, tells GlobeSt.com that the buyer was not represented by a broker.
As for reasons for selling, Hanson tells GlobeSt.com that Savoy Corp. “felt the timing was right to downsize their portfolio.” He adds that “San Francisco has seen a tremendous uptick in pricing and interest for quality assets and 170 Columbus fits the criteria.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
