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Kislak's Joni Sweetwood says the sale reflects a current market trend in which “owners are improving urban properties to a level that surpasses even properties in 'high-end' towns.”
A judge has declared that an apartment owner leasing units on a short-term basis was not an illegal hotel, and it could have big implications for the sub 30-day rental market.
The popularity can be attributed to Lumina's location in the Transbay neighborhood which has grown dramatically in recent years, and now has a great deal of activity in the form of employers and retail.
Phase one delivery of four buildings began in November 2017, and the vision for Park 20/360 developed into a much-needed addition to the 100 million-square-foot Great Southwest industrial district.
Tenant requirements for big-box distribution space continue to strengthen the industrial market and there is a lot of opportunity for developers who are able to secure land and deliver quality product.