{"id":1004153213,"date":"2016-09-22T23:47:24","date_gmt":"2016-09-23T07:47:24","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004153213"},"modified":"2020-04-30T10:41:05","modified_gmt":"2020-04-30T18:41:05","slug":"grosvenor-grabs-office-retail-san-francisco-gem","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grosvenor-grabs-office-retail-san-francisco-gem\/","title":{"rendered":"Grosvenor Grabs Office-Retail San Francisco Gem"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004153214\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/240-Stockton-Street.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004153214\" data-attachment-id=\"1004153214\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/grosvenor-grabs-office-retail-san-francisco-gem\/240-stockton-street\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/240-Stockton-Street.jpg\" data-orig-size=\"620,483\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;NIKON D200&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1229611210&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;16&quot;,&quot;iso&quot;:&quot;125&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"240 Stockton Street\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/240-Stockton-Street.jpg?w=620\" class=\"wp-image-1004153214 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/240-Stockton-Street.jpg\" alt=\"240 Stockton St., San Francisco\" width=\"300\" height=\"234\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/240-Stockton-Street.jpg 620w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/240-Stockton-Street.jpg?resize=300,234 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004153214\" class=\"wp-caption-text\">240 Stockton St., San Francisco<\/p><\/div>\n<p><strong>San Francisco<\/strong>\u2014<a href=\"https:\/\/www.grosvenor.com\/home\/\" target=\"_blank\" rel=\"nofollow\">Grosvenor Americas<\/a> adds to its high-street retail holdings in San Francisco with the acquisition of 240 Stockton St., a luxury <a href=\"https:\/\/www.commercialsearch.com\/news\/retail\/\" target=\"_blank\">retail<\/a> and <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office<\/a> property in upscale Union Square. The company purchased the 40,400-square-foot building for approximately $80 million, according to local real estate news publication <em><a href=\"https:\/\/news.theregistrysf.com\/\" target=\"_blank\" rel=\"nofollow\">The Registry<\/a><\/em>.<\/p>\n<p>Grosvenor took 240 Stockton off the hands of <a href=\"https:\/\/bentlyholdings.com\/\" target=\"_blank\" rel=\"nofollow\">Bently Holdings<\/a>, which had owned the property since snapping it up for roughly $25.9 million in 2002, as noted in documents of the San Francisco Planning Department. Commercial real estate services firm <a href=\"https:\/\/www.newmarkccarey.com\/\" target=\"_blank\" rel=\"nofollow\">Newmark Cornish &amp; Cary<\/a> represented Grosvenor in the transaction.<\/p>\n<p>Originally developed in 1908, 240 Stockton is a 10-story Art Deco structure occupying a prime corner spot. The building\u2019s prominence in the market is obvious\u2014it\u2019s 100 percent occupied, with Gucci anchoring the ground and second floors. Despite its age, 240 Stockton boasts such state-of-the-art features as a 30&#215;50-foot billboard leased to Apple and LEED Gold certification. And it\u2019s not just the building itself that\u2019s a model of green; all tenant build-out spaces are LEED certified as well, as had been mandated by Bently.<\/p>\n<p>The property, however, does more than just bolster the square footage of the real estate company&#8217;s portfolio. \u201cThe purchase of 240 Stockton Street enhances Grosvenor\u2019s position as a high-street retail specialist,\u201d Michael Beattie, Grosvenor\u2019s chief investment officer, said in a prepared statement.<\/p>\n<p>While Grosvenor isn\u2019t confirming any financial details of the 240 Stockton transaction, current market statistics indicate that the price tag for such a space would be quite hefty. Fundamentals tell the story. The direct retail vacancy rate in the Union Square submarket was an enviably low 2.7 percent in the second quarter, per a report by commercial real estate services firm <a href=\"https:\/\/www.cushmanwakefield.com\/\" target=\"_blank\" rel=\"nofollow\">Cushman &amp; Wakefield<\/a>, while\u00a0rental rates were on the upswing, reaching $685 per square foot. It all adds up. \u201c[Union Square] continues to have the lowest cap rates in the world,\u201d according to the C&amp;W report. \u201cInvestors will continue to pursue, and pay, top dollar for premier San Francisco high street retail sites.\u201d<\/p>\n<p>In the Union Square area, Grosvenor also owns the retail\/office buildings at 251 Post St., 180 Post St. and 185 Post St., where Dior debuted a 10,000-square-foot flagship store in April.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The luxury mixed-use asset is located in the city&#8217;s bustling Union Square district.<\/p>\n","protected":false},"author":969,"featured_media":1004153214,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21752,21742,21747,21749,1609,15],"tags":[],"class_list":["post-1004153213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-mixed-use","category-latest","category-office","category-retail","category-san-francisco","category-west"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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