Sammy Hagar Investing in Restaurant, Tequila Bar

SAN FRANCISCO-A trio of investors that includes rock star Sammy Hagar has inked a long-term lease for a small industrial building here that will be transformed into the Agave Restaurant & Tequila Lounge.The 9,000-sf, freestanding industrial building is located at 130 Townsend St., which is near SBC Park. The investors inked a 15-year lease valued at about $2.8 million, which translates to an average annual lease rate of $20.74 per sf.A printing company previously used the property. Agave Restaurant & Tequila Lounge will open its doors in March 2005. Sam Brownell and Frank Wheeler with Colliers International in San Francisco represented the building owner. Greg Melanson and Jen Bull and Kazuko Morgan with Cushman & Wakefield represented the lessee.”We continue to see a trend of high profile amenities for Mission Bay with rents doubling in some cases from higher and better uses,” says Brownell. “As the South Beach housing market continues to explode and the office market stabilizes, restaurants and retailers continue to flock south to capture this affluent demographic.”