CBRE senior vice president Bob Gilley, who has the disposition assignment, declined to speculate on the sale price but tells GlobeSt.com the location is "a perfect residential site." The property is bound by surface streets on three sides, zoning allows for a height of 25 stories and the neighboring buildings are two- and three-stories tall, he says. "The city and bay views will be phenomenal," Gilley says.
The property is located at the corner of Third Avenue and Folsom Street. Nearby retail and recreational amenities include Union Square, Whole Foods Market, Moscone Center, Metreon, Yerba Buena Gardens and the San Francisco Museum of Modern Art, as well as several hotel, restaurant and mass transit options.
According to the electronic teaser about the offering, the "L"-shaped site could hold some 880 units. Recent comparable condominium sales in the area have averaged over $700 per sf.
The property is available on a free-and-clear basis. Based on the square footage of office on the site, an $80-million sale price would translate to about $158 per sf. Replacement cost for office buildings in the South Financial District is currently estimated at over $400 per sf.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
