SAN FRANCISCO-An 11,020-sf used car lot here has changed hands for $3.95 million. JPS Builders acquires the property from the Peter Bernardoni Trust. The price equates to $358.45 per sf.
The property address is 299 Valencia. Tony Crossley of Colliers International's San Francisco office represented the Trust. Crossley tells GlobeSt.com the new owner plans to develop for sale residential units on the site.
The broker for JPS, Gary Barboro with CB Richard Ellis, tells GlobeSt.com the company plans to develop about 40 one- and two-bedroom condominium units in a five-story building. In that context, the sale price works out to just under $100,000 per unit, a pricing measure that is on the rise, Barboro says.
"These infill sights are hard to find," Crossley says. "This transaction shows continued strength in the residential market, particularly in those neighborhoods with limited supply."
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