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5/17/17
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A foreign investor purchased two retail condominiums totaling 3.1k sf in San Francisco’s revitalized Mid-Market corridor for $4.3 mil. The transaction works out to a cap rate of 3.75% and a price of $1,387/sf, which we’re told is a record price per sf for this location.
The property is at 938 Market St, at Mason St, near a variety of high-end shopping avenues such as the 6X6 Retail Center, Westfield Center, Powell Street Hub, Nordstrom Rack and Saks Off 5th. This area of Market Street, bordered by 5th Street on the north and Van Ness Ave on the south, known as Mid-Market, has garnered major investor attention in the past few years.
With Twitter occupying a location at Market and 10th Street and other high-tech firms and startups having followed suit, the area has many development projects underway. These include hospitality, retail and multifamily space.
Mary Alam with NAI Northern California represented the seller in the transaction.
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