Starboard TCN Secures Buyer for Prime Bay Area Development Site
- Mar 18, 2016
San Francisco–The appeal of developing any kind of Bay Area real estate project seems to be long-lasting. Starboard TCN recently announced it has completed the sale of the asset located at 2525-2545 Van Ness St. in San Francisco. A Canadian investor is now in possession of the two-story commercial asset following a transaction worth $5.75 million.
The 11,000-square-foot building will make way for a new project, as the lot offers a 65-foot height limit, and is primed for new development. With great proximity to the Highway 101/Van Ness corridor, the asset’s location offers a bevy of development choices, although it has been reported that the new owner is currently looking at the site’s potential for a residential project.
According to Starboard TCN Broker Associate Richard Gumbiner, the company was able to “bring the buyer a rare opportunity to invest in a prime development site on the north side of the City, centrally located near Pacific Heights, Cow Hollow, the Marina, and Russian Hill.”
Image courtesy of San Francisco Mortgage Group