March 14, 2017 Comments Off on SoMa Assets Trade for $65M Views: 270 Bay Area, California News

SoMa Assets Trade for $65M

A joint venture between Align Real Estate and Vanke Holdings USA acquired two office buildings in San Francisco’s South of Market (SoMa) district for $64.6 million. The properties include 657 Mission St. and 667 Mission St., which together total 130,923 square feet. The properties are between 3rd and New Montgomery Streets.

657 Mission is an 84,000-square-foot asset, and 667 Mission is a 43,800-square-foot building. The side-by-side assets are 65% occupied under short-term leases, providing a value-add opportunity. The new owners are considering converting the properties into co-working space.

CBRE’s Mark Geisreiter, Russell Ingrum, Sean Sullivan, Tyler Meyerdirk and Matt Kroger represented the seller, Coast Counties Property Management. The buyer was self-represented.

A $70-million mortgage for the acquisitions and renovations was arranged by CBRE’s Brad Zampa, Michael Walker and Megan Woodring on behalf of the buyer through New York-based Square Mile Capital Management LLC.

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