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11/30/17
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Stockdale Capital Partners has purchased the 241-stall parking garage at San Francisco’s historic Fisherman’s Wharf. The highly-coveted structured parking garage, located at 350 Beach St, was sold by a private family investor.
We don’t have a deal value, although local pros we spoke to came up with fairly broad estimates that fell between 10k to 20k, with a cap rate likely near or below 3%.
350 Beach Street Garage was put on the market by the owner for the first time in 35 years. It is six levels in height and includes ground floor retail that is occupied by Enterprise Rent-A-Car and El Farolito Taqueria. The property’s prime Fisherman’s Wharf location makes it a unique potential long-term redevelopment opportunity.
350 Beach Street is located in the heart of Fisherman’s Wharf, one of the world’s premier shopping and tourist destination. The Wharf generates tremendous parking demand from tourists and locals looking to enjoy the distinctive maritime setting.
Nicholas Bicardo, Brandon Rogoff, and Bryce Holman with NKF represented the seller in the transaction. We do not have a deal value.
“350 Beach Street Garage maintains tremendous upside once the new owner takes back operations of the garage from the current operator,” said Rogoff. “The garage also represents an exceptional covered land play where the existing income and location are rock solid, and the current zoning provides for several different exit strategies.”
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