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The 324,000-square-foot office building has large floorplates within three floors and is positioned to serve tenants of all sizes after its recent renovation with upgraded building systems.
The deal for the 23-building complex calculates out to $280,978 per unit, according to Marcus & Millichap, which announced the transaction. The property, which was constructed in 2006, was sold free and clear of existing debt.
The seven-story 939 Ellis, which Seavest Healthcare Properties acquired in June 2018 for $49 million, consists of 87,189 square feet of rentable office space, and 53 parking spaces. The acquisition marked Seavest's entrance into the San Francisco real estate market.
Late last month, Bridge Development Partners acquired the 304,428-square-foot complex from Sherm Realty Corp., an affiliate of Weston, FL-based Apotex Corp. for $38 million.
Hunt, a highly regarded office real estate specialist, will help expand firm's consultation and tenant-representation practice in Philadelphia and Wilmington.
Developers should focus less on the benefit from the opportunity zone incentives and more on the overall return from investing in the property, says Jeff Monge, managing partner of Monge Capital.