SAN FRANCISCO-Investor New Urban Properties has paid $17 million to buy back 944 Market St., a 40,000 square foot building it sold for $10 million in 2011.
According to a report in the San Francisco Business Times, the deal still make sense. Seller Waro LLC, Miami, put $1 million into the 40,000-square-foot Mid-Market building renovating the lobby, elevators and two of the floors. The area has heated up more than others during the recovery, as several tech tenants have settled in.
The 944 Market St. purchase also marks a return to San Francisco for the locally-based New Urban, the article notes. The group bought several historic San Francisco buildings between March 2006 and February 2008, and sold them all off in recent years as values rose.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
