SAN FRANCISCO-HFF has closed the sale of 55 Grant Avenue, a six-story, 12,653-square-foot, high-street retail asset in San Francisco's Union Square District.

HFF marketed the property on behalf of a joint venture between City Center Realty Partners, LLC and Angelo Gordon & Co.  St. Bride's Managers, LLC represented the purchaser of the property.

55 Grant Avenue is situated one block from Union Square Park and luxury retailers such as Neiman Marcus, Barneys New York, Tiffany & Co., Louis Vuitton, Hermes, Bottega Veneta, Chanel and Gucci.  Built in 1909 and most recently renovated in 2013, the building is 100 % leased to five tenants including Tumi, which occupies the ground-floor space.

The HFF investment sales team representing the seller was led by managing director Nicholas Bicardo along with director Mark Damiani.

“Both the increase in fresh capital and the demand for high-street retail today far outpaces supply, with investors such as offshore groups, advisors, public REITs and private capital all making a big push for this type of product,” said Bicardo.  “This sale, as well as the sale of 33 Grant Avenue that HFF closed last year, are a perfect example of new capital investing into this market for the first time.”

City Center Realty Partners, LLC, is a San Francisco-based real estate investment firm, specializing in the development, redevelopment and acquisition of urban real estate.  Angelo, Gordon & Co. is a privately-held investment advisor specializing in alternative investments such as real estate, distressed debt and private equity. St. Bride's Managers, LLC is a global real estate investment management business with offices in New York, London, Madrid and a consulting office in Frankfurt.