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The former site of the California Pacific Medical Center at 3700 California St. in San Francisco found a new owner last week, as Prado Group acquired the property from Sutter Health.
The property was purchased for more than $50M, according to the San Francisco Business Times, which first reported the transaction. CBRE’s Capital Markets team represented Sutter Health in the deal.
The property was approved for development in 2020, with TMG Partners originally planning to build a 250-unit multifamily property on the site. But the deal fell through, resulting in the location hitting the market earlier this year.
Prado Group CEO Dan Safier told the San Francisco Business Times that Prado is aiming to extend the entitlements on the site and has submitted a request to the city.
“The city and state are also very focused on doing what is necessary to bring large, high-quality infill housing projects like this to fruition in order to reduce our perpetual housing shortage. The Sutter Health relocation to Van Ness created this opportunity and Sutter's motivation to sell the entitled property made this deal possible,” Safier told the San Francisco Business Times.
Prado Group previously gained approval to redevelop 3333 California St. into a 744-unit mixed-use property, which is near the former CPMC site.
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