SAN FRANCISCO-GlobeSt.com learns exclusively that the sale of 33 Grant Ave., a high-profile retail building in San Francisco Union Square has closed. HFF marketed the 5,770-square-foot property on behalf of the seller, City Center Realty Partners LLC.
The buyer purchased the asset free and clear of debt and the sale represents their first transaction in the area. The property at 33 Grant Ave. is fully leased to two retail tenants: Steve Madden and Archer, a luxury hair salon. It is situated along Grant Avenue, a “heavily” pedestrian-trafficked street in the Union Square shopping district close to the Four Seasons Hotel in downtown San Francisco.
The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo and associate director Mark Damiani. “High street retail has increasingly become a focal point of the acquisition criteria for retail investors, and while the transaction size was small for 33 Grant Ave., the asset commanded attention from all the major institutional, offshore and local private buyers,” Bicardo says.
He adds that “The demand and pricing we are seeing in the high street retail sector across the country in well located areas, especially San Francisco is phenomenal.”
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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.
