SAN FRANCISCO—Cypress Properties Group bought the formerly vacant mixed-use building at 644 Broadway in June 2013 and later acquired the adjacent building at 660 Broadway for a combined cost of $12 million. Together, the buildings comprise approximately 50,000 square feet, anchored by China Live. With full occupancy, the building just appraised at $34 million.
China Live is a $20 million project totaling 30,000 square feet in the two buildings. In addition to the ground floor, the innovative culinary destination occupies the second floor, and portions of the third and fourth floors.
Cypress co-managing principals Chris Wight and Jeff Lee recently announced the completion of an $18 million refinancing for the two buildings. Bob Kincheloe with Colliers International arranged the debt restructuring on behalf of Cypress Properties. The lender is Jeffries LoanCore LLC. (Related: Farm to table concepts lend added culinary appeal.)
“We are very pleased with our investment and the varied uses we have brought to this property in an iconic submarket of San Francisco,” Wight exclusively tells GlobeSt.com. “From the beginning, we really thought that we would attract nonprofits and related enterprises that would get priced out of their existing locations at the time, but that isn't exactly what happened. Landing China Live as the anchor tenant in 2014 was a huge momentum builder and securing the San Francisco Film Society as a prime tenant was the next great step for us.”
Founded by husband and wife restaurateurs, George Chen and Cindy Wong-Chen, China Live officially opened its ground floor earlier this month, which includes Oolong Café, Market Restaurant and Bar Central, and a retail market. China Live's first floor marketplace features a tea café, eight demonstration cooking stations and retail space that offers specialized Chinese ingredients and kitchen items. A formal restaurant and bar on the second floor is under construction and expected to open in May. China Live's occupancy also includes a lounge, banquet facility and corporate offices.
Boxcar Theatre, creator of The Speakeasy, currently leases the entire 9,050-square-foot subterranean and former theater space in the building. The Speakeasy recreates an authentic Prohibition-era saloon, complete with a bar, casino and vaudeville cabaret.
“We have some highly creative businesses at 644 and 660 Broadway and combined, they have created almost 500 jobs,” Lee tells GlobeSt.com.
The buildings are off of Columbus Avenue and border Chinatown, near the North Beach neighborhood and waterfront submarket. The rooftop deck offers stunning city views.
The property was previously occupied by Gold Mountain Restaurant, which closed prior to Cypress Properties' acquisition, subsequent remodeling and repositioning of the property. The previous iteration included a subterranean 437-seat theater with direct access to Broadway that has subsequently been converted for another tenant in the building.
SAN FRANCISCO—Cypress Properties Group bought the formerly vacant mixed-use building at 644 Broadway in June 2013 and later acquired the adjacent building at 660 Broadway for a combined cost of $12 million. Together, the buildings comprise approximately 50,000 square feet, anchored by China Live. With full occupancy, the building just appraised at $34 million.
China Live is a $20 million project totaling 30,000 square feet in the two buildings. In addition to the ground floor, the innovative culinary destination occupies the second floor, and portions of the third and fourth floors.
Cypress co-managing principals Chris Wight and Jeff Lee recently announced the completion of an $18 million refinancing for the two buildings. Bob Kincheloe with Colliers International arranged the debt restructuring on behalf of Cypress Properties. The lender is Jeffries LoanCore LLC. (Related: Farm to table concepts lend added culinary appeal.)
“We are very pleased with our investment and the varied uses we have brought to this property in an iconic submarket of San Francisco,” Wight exclusively tells GlobeSt.com. “From the beginning, we really thought that we would attract nonprofits and related enterprises that would get priced out of their existing locations at the time, but that isn't exactly what happened. Landing China Live as the anchor tenant in 2014 was a huge momentum builder and securing the San Francisco Film Society as a prime tenant was the next great step for us.”
Founded by husband and wife restaurateurs, George Chen and Cindy Wong-Chen, China Live officially opened its ground floor earlier this month, which includes Oolong Café, Market Restaurant and Bar Central, and a retail market. China Live's first floor marketplace features a tea café, eight demonstration cooking stations and retail space that offers specialized Chinese ingredients and kitchen items. A formal restaurant and bar on the second floor is under construction and expected to open in May. China Live's occupancy also includes a lounge, banquet facility and corporate offices.
Boxcar Theatre, creator of The Speakeasy, currently leases the entire 9,050-square-foot subterranean and former theater space in the building. The Speakeasy recreates an authentic Prohibition-era saloon, complete with a bar, casino and vaudeville cabaret.
“We have some highly creative businesses at 644 and 660 Broadway and combined, they have created almost 500 jobs,” Lee tells GlobeSt.com.
The buildings are off of Columbus Avenue and border Chinatown, near the North Beach neighborhood and waterfront submarket. The rooftop deck offers stunning city views.
The property was previously occupied by Gold Mountain Restaurant, which closed prior to Cypress Properties' acquisition, subsequent remodeling and repositioning of the property. The previous iteration included a subterranean 437-seat theater with direct access to Broadway that has subsequently been converted for another tenant in the building.
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