X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO-McEvoy Family trusts have sold off a pair of Union Square buildings for $16.9 million. The two properties, which total 28,153 sf, sold to two different buyers after 60 years of ownership by the MacEvoy family.

On a price-per-sf basis, the larger of the two deals was 134 Maiden Ln., a three-story, 4,110-sf building occupied by Pierre Duex, a French retailer controlled by the Cointreaux family. The new owner is Litchmann & Co., a private investment group. The sale price was $888.08 per sf.

The seller’s broker, Tim Maas of Colliers International in San Francisco, tells GlobeSt.com that Pierre Duex has two years left on its lease. The lease rate is about $190 per sf per year. Based on in-place numbers, the investment will have an initial cap rate of about 5.25%, says Maas.

In the other deal, Angelo and Yvonne Sangiacomo paid $551.10 per sf ($13.25 million) for the 24,043-sf Cartier Building at 233 Post St. Cartier leases the 3,600-sf first floor of the five-story building through 2009 and has options to extend the lease through 2014. The upper floors of the building are vacant.

Sangiacomo’s owns several Union Square properties including: 100 & 140 Geary St., 111 Maiden Lane, and 201 Post St. Maas says the cap rate on the Cartier Builing acquisition is under 5% but will be closer to 6% when the building is fully leased.

Maaas was assisted in listing the property by fellow Colliers brokers Tony Crossley and James Swarthout.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.