SAN FRANCISCO—A 106,777-square foot commercial property that serves as the broadcast and office base of KRON Channel 4 television is on the block. The broadcast company will be relocating to another facility this year.
According to Newmark Knight Frank Cornish & Carey Commercial Capital Markets sources involved in marketing the 1001 Van Ness Ave. property for sale, this opens up several redevelopment opportunities for potential buyers.
The property’s zoning allows for over 200 residential units. The opportunity is also well suited for medical office developers given its immediate proximity to the new $1.2 billion Cathedral Hill Hospital that is under construction, as well as tech-office investors given the drastically limited supply of available space for the rapidly expanding San Francisco tenant base, explans Newmark’s executive managing director Daniel Cressman and managing directors Mike Taquino and Kyle Kovac.
The four-story property offers 8,000 square feet of highly improved television studio space and 61 subterranean parking stalls. It is positioned along Van Ness Avenue and O’Farrell Street, and boasts three street frontages. “The flexibility of future redevelopment options will appeal to a wide array of potential buyers,” says Cressman.
Although sources involved could not disclose what the site might fetch, industry experts in the area we spoke with speculate that it could go for approximately $25 million.