SAN FRANCISCO-A well-leased, 82,848-sf building in San Francisco’s South of Market Showplace Square District has changed hands for approximately $26 million, according to the listing brokerage firm, Grubb & Ellis. LBA Realty of Irvine, CA acquired the asset from locally based Flynn Properties.

Located at 600 Townsend St. East, the three-story brick-and-timber building with underground parking was built in 1908 and fully renovated in 1985. The building is approximately 97% leased. The largest tenant is ReadiSuite, an executive suites company whose lease runs into 2011. Daniel Cressman, Edward Suharski and John Jensen of Grubb & Ellis in San Francisco had the disposition assignment.

Flynn president Greg Flynn tells GlobeSt.com he acquired the building in 1996 for $4.8 million. At the time, it was being used as a contract furniture showroom. “It was largely empty,” he says. “We repositioned it as an office building.”

When asked why he chose now to liquidate the asset, he says the ownership entity was an old partnership and prices are high right now. “It was a good time to sell; it’s almost a ridiculous gain,” he says. “But the buyers did not overpay; we were just lucky enough to buy when the market was terribly distressed.”

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

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 © 2024 ALM Global, LLC. All Rights Reserved.