SAN FRANCISCO-GlobeSt.com learns exclusively that the sale of 33 Grant Ave., a high-profile retail building in San Francisco Union Square has closed. HFF marketed the 5,770-square-foot property on behalf of the seller, City Center Realty Partners LLC.
The buyer purchased the asset free and clear of debt and the sale represents their first transaction in the area. The property at 33 Grant Ave. is fully leased to two retail tenants: Steve Madden and Archer, a luxury hair salon. It is situated along Grant Avenue, a “heavily” pedestrian-trafficked street in the Union Square shopping district close to the Four Seasons Hotel in downtown San Francisco.
The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo and associate director Mark Damiani. “High street retail has increasingly become a focal point of the acquisition criteria for retail investors, and while the transaction size was small for 33 Grant Ave., the asset commanded attention from all the major institutional, offshore and local private buyers,” Bicardo says.
He adds that “The demand and pricing we are seeing in the high street retail sector across the country in well located areas, especially San Francisco is phenomenal.”
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