SAN FRANCISCO-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that a private foreign investor is selling 33 Powell Street. The Union Square asset is “unpriced” according to Colliers International, which is marketing the property.
While Colliers couldn't provide any further indication of what the asset might fetch, the firm says the boutique hotel consists of 142 rooms with premium ground floor retail space that is anchored by Sephora under a long-term NNN lease.
“33 Powell St. offers a very rare opportunity for an investor to acquire an absolute “A-plus” location in San Francisco's sought after Union Square which is a primary recipient of over 16 million annual visitors and billions of dollars spent in the City,” notes Erik Hanson, VP of Colliers investment services group.
Colliers' Tony Crossley, Tim Maas, Frank Wheeler and Hanson will market the property for sale.
Located at the foot of the famous Powell Street Cable Car Turnaround, 33 Powell St. is at the retail epicenter of the City at the confluence of Union Square and Market Street.
Colliers could not provide any detailed information at this time regarding the seller's identity, but the firm did tell GlobeSt.com that it is "a private investor based in Asia." In terms of reasons for selling, Colliers says that "strong market conditions for hotel and retail properties in San Francisco promoted the sales effort."
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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.
