SAN FRANCISCO-Brokers on the recent $41.4 million sale of Blocks 5 and 11 in the Mission Bay district to locally based BRE Properties say that the development sites stand to benefit from commitments from major employers. The Institutional Property Advisors brokerage team of Stan Jones, Phil Saglimbeni and Sal Saglimbeni note that commitments from major employers, including UCSF, Old Navy, Salesforce.com and several biotech companies have spurred explosive growth in the neighborhood.” IPA, which is a Marcus & Millichap company, represented seller FOCIL-MB in the sale to BRE Properties, a San Francisco-based REIT.

Jones commented on the sale: “The city’s vision for Mission Bay has been very well executed and represents one of the last growth corridors in San Francisco. Opportunities to acquire entitled market-rate sites in the city are truly rare, as evidenced by the strong roster of both public and private developers that have committed to the area.”

As noted in a previous GlobeSt.com report when BRE announced the acquisition, Block 5 and Block 11 represent "the last two market-rate residential development sites available in Mission Bay,” adds Phil Saglimbeni. The sites are located one block south of Mission Creek, just south of downtown San Francisco. They are within walking distance of two light-rail stations, two bus lines and the Caltrain Station. Access to interstate highways 80 and 280 and U.S. Highway 101 is minutes from the sites.

Block 5 and Block 11 are also located near extensive retail and entertainment options, including AT&T Park, the Ferry Building, Union Square and Westfield’s San Francisco City Centre. The Mission Bay neighborhood, which covers 303 acres, represents the largest urban development in San Francisco since the building of Golden Gate Park.