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Production, Distribution and Repair Building in San Francisco Sells for $850/sf

2/03/20

A joint venture between Presidio Bay Ventures and Kinship Capital purchased 200 Kansas Street, a 90.1k sf production, distribution and repair (PDR) building located in San Francisco. From what we’ve heard, the property sold for around $77 mil, or $855/sf.

200 Kansas Street is fully leased to four diverse tenants. The two-story PDR building occupies over one and a half acres, nearly a whole city block, and is situated in close proximity to notable technology tenants such as Adobe and Samsara. San Francisco’s PDR market has evolved over the years to serve a highly technology-oriented industry that has trended towards advanced manufacturing and the development of cutting-edge digital products.

The property is located one mile from the Giants’ Oracle Park and the Chase Center, the Warriors’ new home and the largest concert venue in San Francisco. Currently, more than 5.7 msf of office space is under construction or planned in the adjacent neighborhoods with more than 5,000 residential units also under construction, approved or planned in the SoMa District.

Mike Taquino, Kyle Kovac, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo with CBRE Capital Markets’ Institutional Properties group in San Francisco represented the seller, an entity sponsored by Ascent Real Estate Advisors, the principals of which are Dean Benjamin and John Porges.

Mike Walker, Brad Zampa, Megan Woodring and Taylor Shepard with CBRE Capital Markets’ Debt & Structured Finance group arranged acquisition financing for the buyer. The five-year, non-recourse financing has full-term interest only payments priced at a competitive spread over 30-day LIBOR. The loan was provided by a Los Angeles-based asset management company.

“Banks, debt funds and life companies all competed aggressively for this unique opportunity. Showplace Square is one of the most vibrant submarkets in all of San Francisco and some of the most well-regarded equity investors in the nation have been actively investing here, especially over the last 24 months. We are not surprised to see the large, brand name debt providers chasing these opportunities and looking for exposure in this incredible area,” commented Walker.





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