Friday, May 6, 2011

Two San Francisco Residential Sites Sell for $414 Million

SAN FRANCISCO, CA,  May 6, 2011 – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has negotiated the sale of two residential sites (top left photo) in San Francisco for $41.4 million.

 The two transit-oriented residential sites, Blocks 5 and Block 11, are located on 3.84 acres in the Mission Bay neighborhood of San Francisco. The sales price of $41.4 million represents $247 per square foot.

The brokerage team of Stan Jones (middle right photo), Phil Saglimbeni  (middle left photo) and Sal Saglimbeni  (lower right photo) represented the seller, FOCIL-MB in the transaction.  The buyer was BRE Properties Inc.

 “The city’s vision for Mission Bay has been very well executed and represents one of the last growth corridors in San Francisco,” says Jones. “Opportunities to acquire entitled market-rate sites in the city are truly rare, as evidenced by the strong roster of both public and private developers that have committed to the area.” 

“Entitled for 360 units, Block 5 and Block 11 represented the last two market- rate residential development sites available in Mission Bay,” adds Phil Saglimbeni. “Commitments from major employers, including UCSF, Old Navy, and several biotech companies have spurred explosive growth in the neighborhood.”

The sites are located one block south of Mission Creek, just south of downtown San Francisco. They are within walking distance of two light-rail stations, two bus lines and the Caltrain Station. Access to interstate highways 80 and 280 and U.S. Highway 101 is minutes from the sites.

Block 5 and Block 11 are also located near extensive retail and entertainment options, including AT&T Park, the Ferry Building, Union Square and Westfield’s San Francisco City Centre.

The Mission Bay neighborhood, which covers 303 acres, represents the largest urban development in San Francisco since the building of Golden Gate Park.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

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