Align and Vanke JV Buys $65M SF Offices
- Mar 20, 2017
San Francisco—CBRE Capital Markets has arranged the sale of 657-667 Mission St. in San Francisco’s South Financial District for $64.6 million. A joint venture between Align Real Estate and Vanke Holdings USA, purchased the two adjacent historic office buildings totaling approximately 130,923 square feet. CBRE will also handle leasing duties at the property on behalf of the joint venture.
CBRE’s Mark Geisreiter, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk and Matt Kroger represented the seller, Coast Counties Property Management. Brad Zampa, Mike Walker and Megan Woodring of CBRE’s San Francisco office arranged the five-year, non-recourse, floating-rate acquisition financing at a competitive spread priced over 30-day LIBOR. The financing was provided by Square Mile Capital Management LLC with a 70 percent loan-to-cost initial funding and a total loan commitment of $70 million to include future capital improvements and lease-up costs.
Built in 1907 and 1916 respectively, the Class B buildings are located one block south of Market Street, which provides access to both BART and Muni, as well as one block from the Transbay Transit Center. The four and six-story properties are close to upscale dining options, boutique hotels and numerous entertainment and cultural attractions such as the San Francisco Museum of Modern Art, Yerba Buena Gardens and the Metreon.
Image courtesy of Yardi Matrix