HFF Arranges Acquisition of 1400 16th Street by ASB Real Estate Investments
- Jul 16, 2014
As the city’s office market continues to be white-hot, San Francisco’s assets are increasingly in demand. The latest asset to trade hands is the building located at 1400 16th Street—a historic property sold by Jessica McClintock Inc. to a venture consisting of ASB Real Estate Investments, SKS Partners and ProspectHill Group. An HFF team led by managing director Steven Golubchik, director John Simerlein and senior real estate analyst Josh DiSalle represented the seller in the deal.
The art-deco warehouse and office building was originally developed in 1938 and has been under the ownership of Jessica McClintock Inc. for the past four decades. Totaling approximately 100,000 square feet of space, the reinforced concrete building occupying an entire city block at 1400-1450 16th Street offers great access to nearby I-80 and I-280, as well as Highway 101. The building is also located in the vicinity of several San Francisco Muni bus routes offering connections to heavily trafficked transport lines Caltrain and BART (Bay Area Rapid Transit).
The SoMa district is one of the best-performing submarkets in terms of its R&D assets. Along with Potrero Hill, the area features the largest prototyping and manufacturing tenant clusters, HFF managing director Steven Golubchik said in a press statement announcing the transaction. According to another member of the HFF team that handled the transaction, John Simerlein, “the property’s ideal location, and proximity to San Francisco’s most rapidly evolving neighborhoods with a mixture of housing, jobs, entertainment destinations, and transportation options – combined, provide a 24/7 live, work and play environment.”
According to the HFF reps, the opportunity to acquire a property of this type led to serious interest from a number of potential investors from both the local and national investment scene.
Image courtesy of Google StreetView