Beacon Flips Rincon Center Residential for $143M

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SAN FRANCISCO-Beacon Capital Partners has sold for $143 million the 320-unit apartment component of the three-building Rincon Center commercial complex it acquired last June for $275 million. The units, which are more than one-third empty, are located on floors seven through 23 of 88 Beale St. Beacon continues to own floors one through six, which house 470,000 sf of office space and 60,000 sf of retail.

The new owner, Capital Properties of New York City, is planning extensive upgrades, including added tenant amenities and services. The property marks its first acquisition in California. More West Coast acquisitions are in the works, according to the privately held investment, development and management company’s founder and president, Richard Cohen.