Van Ness Corridor Set for Rebirth
In the coming years, 939 Ellis Street, recently purchased for $49 million, is poised to enjoy the benefits of what is currently San Francisco’s most transformative neighborhood, the Van Ness Corridor.
SAN FRANCISCO—Some of the key drivers for the growth of the up-and-coming Van Ness Corridor include more than 9,000 residential units either under construction, approved or proposed along Van Ness Avenue and in adjacent submarkets, California Pacific Medical Center’s new hospital at Van Ness and Geary, and the nearby transit with MUNI bus lines, BART and the future Van Ness Bus Rapid Transit, which will provide access to the entire Bay Area.
Less than three blocks from the new medical center within the Van Ness Corridor, 939 Ellis Street is a seven-story 87,190-rentable square-foot office property with 53 parking stalls. The institutional-quality building features a 4,460-square-foot patio roof deck, unobstructed views of downtown San Francisco, spacious meeting spaces and structured parking garage with first-level parking.
The property was built in 1961 and recently underwent a major renovation by the seller with base building improvements, providing a blank canvas for prospective tenants to create unique identities. The building recently sold for $49 million, exemplifying the revitalization going on in the area. The buyer was The Seavest Investment Group and the seller was a joint venture of Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners.
The buyer was assisted by Meridian and represented itself. NKF Capital Markets’ San Francisco investment team of executive managing directors Kyle Kovac, Michael Taquino and Daniel Cressman, along with associate director Mandy Lee, represented the seller.
“The Van Ness Corridor is experiencing a rebirth,” Kovac tells GlobeSt.com. “Over the coming years, 939 Ellis Street is poised to enjoy the benefits of what is currently San Francisco’s most transformative neighborhood.”
This massive civic improvement project is bringing San Francisco its first Bus Rapid Transit system, a much-needed solution to improve transit service and address traffic congestion on Van Ness Avenue, a major north-south arterial. To maximize the benefits of construction impacts, the project also includes extensive utility maintenance, civic improvements and transportation upgrades.