SAN FRANCISCO, Nov. 10, 2015 /PRNewswire/ -- Starboard TCN Worldwide Commercial Real Estate, the largest independently owned commercial real estate company in San Francisco, today announced the closing of two substantial commercial real estate deals–– 559-567 Sutter Street and the Mission Creek development site, in San Francisco's Mission District.
559-567 Sutter Street is an outstanding property sold to Pearl Law Group for $9.5M. Located in San Francisco's Union Square District and consisting of 17,595 (RBA 18,825) square feet, the two-story building offers a wealthy mix of retail and office space.
Retail rents in San Francisco's Union Square soared 30 percent over the last year, making it the fastest increase among prime shopping destinations around the world. 559-567 Sutter is located right within the Union Square submarket and surrounded by a strong assortment of popular domestic and international retailers. The area's retail rents are listed on average at $650 per square foot per year, making it the sixth most expensive market in the United States. Starboard agent, Yoav Ben-Shushan, closed the deal.
Starboard's second recently closed deal, Mission Creek, is located in the heart of San Francisco's Mission District and sold to 2675 Folsom, LLC for $18,000,000. Hugging Folsom Street and 23rd, the 82-acre Mission Creek site holds excellent visibility along Folsom Street and runs through to Treat Avenue, offering an exceptional urban infill development opportunity in one of the nation's greatest residential markets. Perennially supply constrained, San Francisco's residential market is extremely tight with vacancy market-wide under 5 percent, and it is increasingly challenging to find large parcels suitable for residential development.
The property benefits from very favorable UMU (Urban Mixed Use) zoning, which allows for residential, retail and office uses. The two smaller parcels also allow for residential development with RH-2 and RH-3 zoning. Starboard agent, Richard Gumbiner, closed this deal.
"The buyers have secured a rare large site for multi-family development in the middle of the Mission District near two BART stations that will bring much needed housing to the community," explained Richard Gumbiner, commercial real estate broker for Starboard TCN.
For more information on recent deals or available Bay Area properties, visit www.starboardnet.com.
About Starboard TCN Worldwide Commercial Real Estate
Starboard TCN Worldwide Commercial Real Estate is the largest independently owned commercial real estate company in San Francisco, California. Starboard was established in 1991 with a unique vision of what a commercial real estate firm should be. With a combined total of 55 years representing landlords and tenants, members of the firm are devoted to serving clients with the highest ethics and professionalism. By implementing the latest technology, Starboard combines innovative market techniques with hard work, pursuing every opportunity to meet its clients' commercial property goals. Our brokers are highly qualified professionals supported by skilled support staff and a full-service in-house graphic and website design team. Our brokers have access to critical information on existing tenants in San Francisco and more than 1,814 office buildings and over 103 million square feet of office space throughout San Francisco.
In 2000, Starboard became the San Francisco member of TCN Worldwide Real Estate Services, a national affiliation of independent real estate firms located in more than 200 markets with 62 offices in 8 countries, including North and South America, Europe, and Asia. Using national and international real estate expertise, Starboard provides clients with local know-how on a global scale. Hans Hansson, managing principal, is currently on the TCN Worldwide Board of Directors and previously served as regional vice president for two years.
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SOURCE Starboard TCN Worldwide Commercial Real Estate