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1/19/17
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Vanbarton Group, in a venture with one of its U.S. pension fund partners, purchased a fully occupied, 12.3k sf retail property in San Francisco’s Union Square area. The acquisition was financed with $16 mil in first mortgage debt provided by Mesa West Capital.
Located at 39 Stockton St, the two-story building is 100% leased to The Walt Disney Company. The property benefits from its location one block south of Union Square within the city’s primary shopping district with 146 retail stores in a four-block radius. The property is neighbored by some of the largest national and international brands, such as Apple, Barney’s New York, Macy’s, Crate & Barrel and Ghirardelli.
A new central subway station, which will connect BART and Caltrain, is currently under construction nearby at Stockton and Market Streets. When completed in 2019, the Central Subway station is expected to increase pedestrian traffic on Stockton Street.
“The Union Square submarket is already one of the most desirable retail districts in the United States, and occupancy and rental rates are at historic levels,” said Mesa West Principal Ronnie Gul. “The new subway will bring thousands of locals and tourists each day right to the front step of the asset, which will substantially increase the desirability of the property.”
Mesa West’s five-year floating-rate loan was originated out of the firm’s Mesa West Real Estate Income Fund IV LLC. It was arranged by John Churchward in HFF’s San Francisco office.
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