New Urban CEO Tom Owens tells GlobeSt.com that the buildings, which are 100% leased, mark his entry into both the Union Square and Mid-Market submarkets. He describes the acquisition as a long-term core-plus investment, saying the buildings have a steady rent roll, won't require anything but cosmetic upgrades and will be held for at least seven years.
 944 Market St. |
The building at 166 Geary has quite a bit of retail, housing traditional retail shops on the first floor and a number of salons and dentists on the upper floors. The connected two-story building at 171 Maiden houses a café and a perfume and candle store at street level and the Yosh salon on the second floor. The Mid-Market building, 944 Market, has a high-end athletic shoe store and a small restaurant at street level and office space above.
All three assets were acquired from Leslie Tang Schilling, owner of Union Square Investment Co. Schilling had owned the properties for 25 years. Grubb & Ellis represented Schilling in the transaction. Owens represented himself.
Recommended For You
 171 Maiden Lane |
New Urban is in the process of converting one of its earlier purchases, 74 Montgomery, from 121,000 sf of office to 107 condominiums. Unit sales began closing in January.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
