Lincoln Property Co. and Cara Investment have partnered to acquire the Saks Fifth Avenue retail store in San Francisco's Union Square. The department store retailer has occupied the building for four decades and has a current lease in place through 2027.

Located at 384 Post Street on Union Square, the six-floor, 135,000-square-foot property has 163 feet of retail frontage along Post Street, facing Union Square. It is a flagship property in an iconic retail location, according to Brandon Wang, EVP of Lincoln Popery Co. Union Square has 25,000 daily visitors and the half-mile area generates $1.1 billion in revenue. Other retailers in the market include Tiffany & Company, Williams Sonoma, Apple and Nike.

The San Francisco market was badly impacted by the pandemic, and the retail market was no exception. However, by the third quarter, the retail market managed to find some footing. According to the third quarter stats from Marcus & Millichap, asking rents have increased slightly and asset pricing has stabilized.