Newmark Knight Frank Cornish & Carey Commercial (NKFC&CC) Capital Markets has orchestrated the sale of 1001 Van Ness Avenue in San Francisco to a partnership between South Beach Partners and Oryx Partners. The 106,777-square-foot commercial property has served as the broadcast and office base of KRON Channel 4 television since 1967. The station will be relocating to a new facility in the North Waterfront later this year, paving the way for the new ownership to redevelop the property.
Executive Managing Director Daniel Cressman and Managing Directors Mike Taquino and Kyle Kovac represented the seller, publically traded Media General, in the transaction.
Oryx Partners will manage the 1001 Van Ness project on behalf of its investment partner, South Beach Partners, and will work closely with community and city stakeholders to redevelop the site for a multi-family residential development. The project will conform to the existing zoning, while delivering much needed housing units as part of Mayor Ed Lee’s San Francisco housing plan. Oryx Partners intends to design a sustainable building of the highest quality that will stand the test of time at this important and highly visible intersection, and which will complement the rich tapestry of neighborhoods around it.
The property’s zoning allows for more than 200 residential units within the growing Van Ness Corridor. With its location just one block from Sutter Health’s new $2 billion Cathedral Hill Hospital campus currently under construction, 1001 Van Ness also piqued the interest of medical office and tech office users. Positioned along Van Ness Avenue at O’Farrell Street and Myrtle Lane, 1001 Van Ness offers three extensive street frontages.
“Oryx Partners has the unique opportunity to build a substantial residential project along one of San Francisco’s most recognized corridors, meeting the incredibly high demand in the marketplace,” said Mr. Cressman.
A new San Francisco-based company, Oryx Partners (www.oryxsf.com) was formed for the execution of 1001 Van Ness and 230-234 7th Street, both multi-family residential projects in in-fill San Francisco locations, and to grow an investment platform closely aligned with long-term real estate investors similar to South Beach Partners. Its principals, Juan Carlos (“JC”) Wallace, John Ramsbacher, and Laura Billings are all Bay Area residents with long-standing backgrounds in real estate investing, acquisitions and development, and with a stake in the community. JC and John are residents of San Francisco, while Laura resides in Oakland, and all three are active with local causes.
The Oryx Partners deal is one of many transactions for the NKFC&CC Capital Markets team to date in 2014. Already, the team has negotiated the sale of two creative office buildings, a trophy retail asset, and two high-profile development sites in San Francisco. In a few weeks, it will be marketing for sale 424 Brannan Street in San Francisco’s SoMa neighborhood, a development site with the potential for office or residential use.
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark Knight Frank (C&CCNKF) has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, C&CCNKF has more than 310 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visitwww.ccareynkf.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
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