SAN FRANCISCO-A historic trophy retail and creative office building at 211 Sutter St. has changed hands. Although sources involved could not tell GlobeSt.com a price at this time, we did learn that the buyer was a high net-worth Chinese buyer.
The Colliers Investment Services Group team of Tony Crossley, Erik Hanson, Frank Wheeler and Tim Maas represented the seller in the transaction. The sale marks the 10th acquisition in San Francisco by a Chinese investor over the past 12 months.
Hansen tells GlobeSt.com that there is high interest of foreign capital in San Francisco—especially from China—and he expects this to continue through 2014 and 2015.
The building is a 10-story, plus penthouse and lower level 38,031-square-foot retail and office building located at the southwest corner of Sutter and Kearny Streets within the Union Square District of San Francisco.
Currently 97% occupied, the property is anchored by Chipotle Mexican Grill on the ground floor and mezzanine under a long-term lease.
Originally constructed in 1907, and most recently renovated from 2009 – 2012 with a complete façade restoration, a new building lobby, a separate lower level retail entrance along Kearny Street, elevator upgrades and the repositioning of several office tenant interiors, the Property blends a preserved historic character with the modern aesthetics desired by today's creative office users.
According to Hanson, "Over the past 12 months, our offerings have received very strong interest from the international investment community targeting acquisitions in San Francisco. With 211 Sutter, we were able to source a China-based investor who made their first investment in this market."
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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.
