Newmark Knight Frank Cornish & Carey Commercial (NKFC&CC) Capital Group announced it has completed the sale of 330 Townsend Street in the dynamic SoMa (South of Market) District, marking the second major San Francisco investment transaction it has closed in a single week. The firm marketed 330 Townsend and negotiated the sale for the seller, ATC Partners. CIM Group paid an undisclosed amount to purchase the 61,000-square-foot property, which is 98 percent leased to an assortment of creative and professional service firms.
“Low vacancy rates affirm that SoMa is San Francisco’s most popular office submarket, and 330 Townsend offers one of the best locations and space configurations in the area,” said NKFC&CC Capital Group Managing Director Mike Taquino, who represented the seller with Executive Managing Director Daniel Cressman and Managing Director Kyle Kovac.
“The building appeals to tech firms and other tenants that depend on fostering creativity, with classic brick and timber finishes, skylights and open common space,” Mr. Taquino said.
The two-story office building at 330 Townsend comes with 31 dedicated parking spaces in an adjacent building. In addition to existing connectivity to Silicon Valley via the Caltrain station directly across the street, a $1.5 billion central subway project will soon extend Muni’s T-line from the Caltrain station to the BART station at Market and Fourth streets, and beyond to Union Square and Chinatown.
“In light of the property’s versatile, Class A space and superior access, the buyer could easily see why 330 Townsend enjoys virtually full occupancy and healthy rent levels,” Mr. Cressman said.
The announcement follows on the heels of NKFC&CC Capital Group’s 995 Market Street transaction. San Francisco-based Long Market Property Partners acquired the 16-story asset in the city’s burgeoning mid-Market corridor. Mssrs. Cressman, Kovac and Taquino represented the buyer in the acquisition.
The NKFC&CC Capital Group team of Cressman, Taquino and Kovac has transacted more than $1 billion of commercial properties in downtown San Francisco since 2008, representing both domestic institutional and high-net worth offshore clients. The team joined Newmark Knight Frank Cornish & Carey Commercial in 2012 and continue to lead the firm’s institutional investment sales business in the Northern California office market.
The NKFC&CC Capital Group team is currently handling the marketing and sale of 2155 Webster Street in Pacific Heights for the University of the Pacific.
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial Newmark Knight Frank has an expansive reach as part of one of the largest commercial real estate service firms in the U.S. Regionally, Cornish & Carey Commercial Newmark Knight Frank has more than 280 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, visit www.ccareynkf.com.
About Newmark Grubb Knight Frank
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