On a price-per-sf basis, the larger of the two deals was 134 Maiden Ln., a three-story, 4,110-sf building occupied by Pierre Duex, a French retailer controlled by the Cointreaux family. The new owner is Litchmann & Co., a private investment group. The sale price was $888.08 per sf.
The seller's broker, Tim Maas of Colliers International in San Francisco, tells GlobeSt.com that Pierre Duex has two years left on its lease. The lease rate is about $190 per sf per year. Based on in-place numbers, the investment will have an initial cap rate of about 5.25%, says Maas.
In the other deal, Angelo and Yvonne Sangiacomo paid $551.10 per sf ($13.25 million) for the 24,043-sf Cartier Building at 233 Post St. Cartier leases the 3,600-sf first floor of the five-story building through 2009 and has options to extend the lease through 2014. The upper floors of the building are vacant.
Sangiacomo's owns several Union Square properties including: 100 & 140 Geary St., 111 Maiden Lane, and 201 Post St. Maas says the cap rate on the Cartier Builing acquisition is under 5% but will be closer to 6% when the building is fully leased.
Maaas was assisted in listing the property by fellow Colliers brokers Tony Crossley and James Swarthout.
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