San Francisco Commercial Real Estate News:
Investors continue to pay record-setting prices to acquire San Francisco commercial buildings. The San Francisco Business Times reported earlier this week that One Front Street has sold for $521 million, equating to $800 per square foot.
Meanwhile, according to The Registry, 55 Hawthorne is slated to hit the San Francisco commercial market. The 143,000+/- square foot building is expected to earn $120-$125 million.
And in industrial news, the San Francisco investing continues–The Potrero Power Plant site is reportedly under contract between Associate Capital & NRG Engery. The San Francisco Business Times has reported that Associate Capital sees the industrial, but waterfront, property as “an unprecedented opportunity for infill development.”
San Francisco Tech CRE News:
As the Mission Bay Area continues to attract new tenants, start-ups and tech elites like UBER, a pillar in the tech world is also considering new digs south of the Bay Bridge: ADOBE. According to the San Francisco Business Times, Adobe Systems is eyeing 200,000+/- square feet in the 100 Hooper development–although no paper has been inked to date.
National CRE News:
And across the Atlantic, an investment fund has been created to target US multifamily properties. CoStar News has reported that Hansalnvest, based in Germany, has created a $500 million fund to invest in US Apartments. On the East Coast, Acadia Realty (based in New York) has created a $520 million fund targeting value-add retail investments, while San Francisco based Farallon Capital Management has raised $400 million to invest in commercial properties across the nation.