{"id":1004099071,"date":"2014-06-23T12:30:56","date_gmt":"2014-06-23T20:30:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004099071"},"modified":"2022-12-08T06:10:44","modified_gmt":"2022-12-08T14:10:44","slug":"jamestown-sells-430-ksf-m-u-property-in-downtown-san-francisco-to-j-p-morgan-for-415m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jamestown-sells-430-ksf-m-u-property-in-downtown-san-francisco-to-j-p-morgan-for-415m\/","title":{"rendered":"Jamestown: Sale of San Francisco’s Pacific Place Has Strong Long-Term Income Drivers"},"content":{"rendered":"

By Anna Spiewak, News Editor<\/em><\/p>\n

\"Pacific<\/a><\/p>\n

<\/em>Jamestown, known for acquiring mixed-use and retail complexes, has disposed of an asset this time around, to the tune of $415 million.<\/p>\n

The Atlanta-based national real estate investment firm has\u00a0sold Pacific Place, a 430,000-square-foot office and retail property located at 4th and Market streets in downtown San Francisco. As reported by The Registry, J.P. Morgan bought the asset at\u00a022 4th\u00a0St. for $965 per square foot. The property was bought on behalf of the firm’s institutional investors, J.P. Morgan Asset Management, according to a J.P. Morgan spokesperson.<\/p>\n

“Jamestown decided to sell Pacific Place because the property has strong long-term income drivers that are attractive to institutional investors,” Michael Phillips, chief operating officer for Jamestown told Commercial Property Executive<\/em>.<\/p>\n

Located at the center of the Union Square, South of Market and financial district neighborhoods, the LEED Gold-certified project is composed of three adjacent properties, including about 200 feet of Market Street retail storefront, 16 floors of office space and a five-floor, 198-key luxury hotel boutique.<\/p>\n

The 202,000-square-foot office part of the property was entirely leased late last year to Intuit Inc., after a repositioning of the building by Jamestown and is the current home of Demandforce, a division of Intuit’s Small Business Division, according to the news release.<\/p>\n

The retail part of the property totals 130,000 square feet and has a mixture of national tenants, according to The Registry. The tenants include Levi’s, Old Navy, The Container Store and the Palomar Hotel.<\/p>\n

The property was held by the Jamestown Premier Property Fund, the company’s main core investment vehicle for institutional investors. Other West-Coast assets owned by the fund include San Francisco’s Ghirardelli Square, which Jamestown bought in September<\/a>, and 799 Market, also in San Francisco, among others.<\/p>\n

“We remain committed to the San Francisco Bay area as we are engaged in the community through our other local properties,” Phillips added in the news release.<\/p>\n

Eastdil Secured represented Jamestown in the transaction.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Jamestown COO tells CPE the firm has sold Pacific Place, an office and retail property in downtown San Francisco, to J.P. Morgan for $415 million because of its attractiveness to institutonal investors<\/p>\n","protected":false},"author":952,"featured_media":1004099083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21752,21742,1609,15],"tags":[],"class_list":["post-1004099071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-mixed-use","category-latest","category-san-francisco","category-west"],"acf":[],"yoast_head":"\nJamestown: Sale of San Francisco's Pacific Place Has Strong Long-Term Income Drivers - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jamestown-sells-430-ksf-m-u-property-in-downtown-san-francisco-to-j-p-morgan-for-415m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jamestown: Sale of San Francisco's Pacific Place Has Strong Long-Term Income Drivers\" \/>\n<meta property=\"og:description\" content=\"Jamestown COO tells CPE the firm has sold Pacific Place, an office and retail property in downtown San Francisco, to J.P. 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