SAN FRANCSICO—Kinship Capital, a privately-held long-duration real estate investment firm, has completed the sale of 300 Grant Avenue, to St. Brides Managers for an undisclosed sum.
Kinship owned and sold the property in partnership with Pearlmark Real Estate Partners and Madison Marquette.
Nick Thomson and Ethan Meers, principals of Kinship Capital, were the lead executives on the transaction.
The three-story (plus basement) property totals approximately 39,000 square feet, and is close to Union Square. Grant Avenue is a premier fashion retail destination.
Thomson commented, “Kinship’s long investment horizon and interest in urban redevelopment projects led us to the acquisition of this high-street retail property in 2012,” Thomson said. “We are thrilled with the outcome of this investment and are eager to pursue more projects in the San Francisco market, with ample equity capital available to invest in 2014 and beyond.”
Kinship also owns office and industrial assets in the Bay Area and is pursuing additional investments in the region.
Kinship Capital and its partners were specifically attracted to the property’s outstanding location, physical character, and in-place entitlements for mixed-use development. Pearlmark Real Estate Partners, in a transaction led by Dirk Degenaars, arranged the joint venture investment in 300
Grant Avenue in 2012. Ownership held the property for cash flow while the market strengthened and the value of the entitlements grew substantially. St. Brides was selected as buyer following a highly-competitive marketing process led by HFF.
Kinship Capital is a real estate investment firm founded on 125 years of family business success. Chicago-based Pearlmark Real Estate Partners is a private equity real estate investment firm that pursues domestic, value-added and core/core-plus strategies through institutional commingled investment vehicles and separate accounts.