|
|
1/14/10
|
LA-based CIM Group has acquired an 18-story, 371.8k sf Class A office building in San Francisco’s South Financial District. The property, 211 Main Street, is located at the corner of Main and Howard streets, and includes a 50-car underground garage. It is fully leased to a number of tenants such as Charles Schwab & Company. Although the price was not disclosed, the San Francisco Biz Times estimates it was near $112 mil, which would give it a value of about $300/sf.
211 Main St (we think) from Google Maps |
 |
|
The building was sold by the Booth family, which developed the structure in 1973 and renovated it in 1998. Along with this property, they also listed for sale two other nearby buildings, at 221 Main St (350k sf) and 101 Howard St (83k sf), back in mid-2008. The three buildings cover a total of 2.2 acres of contiguous land, contain a combined 825.5k sf of space and were initially marketed together as The Booth Portfolio, although they were made available individually or as a group. The CAC Group repped the Booth family in the transaction.
San Francisco’s South Financial District is a mature submarket that in recent years has seen a number of new commercial developments, in addition to redevelopment of the Transbay Terminal, located next to 211 Main St. There are also new luxury residences and retailers in the adjacent Rincon Hill neighborhood, which has raised the profile of the area and increased the potential for improved asset values.
The greater Bay Area possesses the attributes that fit CIM Group’s investment model, which focuses on urban districts positioned for economic expansion with solid infrastructure and transportation networks. The investment expands CIM Group’s holdings in the Bay Area. CIM owns additional office properties and 22 apartment buildings totaling 418 units in San Francisco, along with approximately 1.7 msf of office properties and two hotels in Oakland.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
