San Francisco Union Square Asset Trades for $69M
- Sep 01, 2017
Federal Realty Investment Trust sold a seven-story, 105,000-square-foot retail and office building located in the Union Square district of San Francisco for a price tag of $69.3 million. The buyer remained undisclosed.
Located at 150 Post St., at the intersection of Post and Kearny streets, the property houses retail tenants on the first and second floors and multiple office tenants on the remaining five floors. The property is located in close proximity to Union Square, one of the city’s largest retail hubs. Within five miles of the asset, the average household income is more than $120,000 and the total population is estimated at 666,479.
Investment Sales Strategy
“This non-core asset sale reflects the competitive investment sales market in San Francisco,” said Jeff Berkes, West Coast president of Federal Realty, in a prepared statement. “We continue to evaluate non-strategic disposition opportunities within our portfolio as the transaction markets for well-located assets remains strong.“
“The sale of 150 Post Street further exemplifies our balanced and disciplined approach to our balance sheet and capital funding needs,” added Dan Guglielmone, CFO & treasurer. “Year-to-date we have completed $123 million of dispositions.”
Recently, the company expanded its presence with the $107 million purchase of a grocery-anchored shopping center located in Chicago’s Lincoln Park neighborhood. Federal Realty’s total portfolio consists of 105 properties totaling approximately 24 million square feet and more than 1,800 residential units.
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