SAN FRANCISCO–The 12,400-square-foot project site at 1125 Market St. has been sold to Pacific Eagle Holdings Corporation, which is a subsidiary of a Chinese investment group. The seller, MacFarlane Partners, was the previous owner of the site. CBRE represented MacFarlane Partners in the sale although the sale price was not disclosed. The property is zoned C-3-G, permitting both residential and commercial development.
It is the last remaining vacant lot in San Francisco's rapidly transforming Central Market area (between 5th and 10th Streets). The neighborhood has long been a center for entertainment, arts and retail, with a renaissance taking place due to large employers such as Twitter, Dolby, Square, One King's Lane and Zoosk flocking to the area. It is located directly in front of the Federal Building, across the street from UN Plaza and just east of The Strand Theater, a historic former movie house that the American Conservatory Theater is reviving as live-performance venue and education center.
Dirk Hallemeier, a managing director with MacFarlane Partners and president of its development affiliate, MacFarlane Development Company, tells GlobeSt.com:
“When Pacific Eagle approached us to purchase the parcel, the plan they shared for the development was very much in keeping with what we also saw in this rare available space in the Central Market.”
Pacific Eagle Holdings Corporation owns office properties and hotels primarily in New York, New Jersey, Massachusetts and California. The company was founded in 1992 and is based in San Ramon, CA. No further information from Pacific Eagle Holdings was available at deadline but if additional insight is obtained, a follow-up report will be provided.
“The timing was opportunistic for us to sell the property and continue our focus on several other projects currently in development in the Bay Area, as well as LA and Seattle,” continues Hallemeier.
MacFarlane Partners is currently completing construction of Tam Ridge Residences, a 180-unit apartment community in Corte Madera, CA; developing three multifamily residential projects in Seattle's South Lake Union neighborhood; and planning a high-profile, multifamily development adjacent to Pershing Square in downtown Los Angeles.
MacFarlane Partners is a real estate investment management and development firm with approximately $4 billion in assets managed on behalf of pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and is an investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide. It is headquartered in San Francisco, with regional offices in Los Angeles and Washington D.C.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
