Commercial property offers developers “Room to Grow”
Starboard TCN, privately owned and locally based San Francisco commercial real estate firm, announced the closing of a major deal for commercial property located at 2525-2545 Van Ness Street in San Francisco.
The two-story building sold to a Canadian investment company for $5,750,000. The property is located in a prime location, near the Highway 101/Van Ness corridor and offers approximately 11,000 square feet for potential development.
Richard Gumbiner, Starboard TCN Broker Associate, considered the property a “diamond in the rough” as the building was an existing two-story commercial property with retail and office tenants on a deep lot with a 65-foot height limit, making it a prime development site.
“While most development activity is currently centered along Market Street or South of Market, Starboard was able to bring the buyer a rare opportunity to invest in a prime development site on the north side of the City, centrally located near Pacific Heights, Cow Hollow, the Marina and Russian Hill,” said Richard Gumbiner, Starboard TCN Broker Associate.
Although the exact plans for development are still in process, the buyer is exploring residential development options. Source: PRNewswire