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6/19/20
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A 1031 exchange investor paid $4.5 mil for two, adjacent mixed-use buildings in San Francisco’s SOMA neighborhood. The properties are located at 52-54 Gilbert St, off I-80 near the Bay Bridge and the city’s Mission Bay area.
The buildings were renovated in 2017. One is a 2k sf, five-bedroom/2.5-bath, non-conforming residential building currently occupied by Starcity. The other, 4k sf, building is an office/PDR (production, distribution and repair) building currently occupied by Eden Technologies Incorporated. Both buildings have undergone extensive renovations and offer contemporary, high-end finishes.
Armand Anicete and Frank Orrell with NAI Northern California represented the buyer, who was completing the upleg of an exchange, and the seller, who wanted to raise equity and restructure capital. The deal closed at a 5.89% cap rate.
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