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SAN FRANCISCO–The 12,400-square-foot project site at 1125 Market St. has been sold to Pacific Eagle Holdings Corporation, which is a subsidiary of a Chinese investment group. The seller, MacFarlane Partners, was the previous owner of the site. CBRE represented MacFarlane Partners in the sale although the sale price was not disclosed. The property is zoned C-3-G, permitting both residential and commercial development.
It is the last remaining vacant lot in San Francisco’s rapidly transforming Central Market area (between 5th and 10th Streets). The neighborhood has long been a center for entertainment, arts and retail, with a renaissance taking place due to large employers such as Twitter, Dolby,Square, One King’s Lane and Zoosk flocking to the area. It is located directly in front of the Federal Building, across the street from UN Plaza and just east of The Strand Theater, a historic former movie house that the American Conservatory Theater is reviving as live-performance venue and education center.
Dirk Hallemeier, a managing director with MacFarlane Partners and president of its development affiliate, MacFarlane Development Company, tells GlobeSt.com:
“When Pacific Eagle approached us to purchase the parcel, the plan they shared for the development was very much in keeping with what we also saw in this rare available space in the Central Market.”
Pacific Eagle Holdings Corporation owns office properties and hotels primarily in New York, New Jersey, Massachusetts and California. The company was founded in 1992 and is based in San Ramon, CA. No further information from Pacific Eagle Holdings was available at deadline but if additional insight is obtained, a follow-up report will be provided.
“The timing was opportunistic for us to sell the property and continue our focus on several other projects currently in development in the Bay Area, as well as LA and Seattle,” continues Hallemeier.
Read Entire GlobeSt article here.
The article fails to mention the selling price, but it was sold three weeks ago for $19,800,000 which represents a price/sq foot of $1,597 on the land. Contact us for more information.