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Coast Counties Property Management sold 657-667 Mission St. in San Francisco for $64.4M to a JV between Align Real Estate and Vanke Holdings USA. CBRE arranged the sale and financing of the 131K SF historic office building in the South Financial District.
CBRE senior vice president Mark Geisreiter, vice chairman Russell Ingrum, executive vice president Sean Sullivan, first vice president Tyler Meyerdirk and senior vice president Matt Kroger repped the seller.
CBRE Capital Markets’ Debt & Structured Finance executive vice president Brad Zampa, senior vice president Mike Walker and senior production analyst Megan Woodring arranged the five-year, non-recourse, floating-rate acquisition financing priced over 30-day LIBOR on behalf of the JV buyer.
Financing was provided by a debt fund seeking exposure to core markets with experienced commercial real estate investors. Initial funding was 70% loan-to-cost and the JV has ability to draw future funding for capital improvements and lease-up costs, providing a total loan commitment of $70M.
Built in 1907 and 1916 respectively, 657 and 667 Mission St. contain historic architecture and the opportunity for creative renovation. The buildings are one block south of Market Street with access to BART and Muni and a block from the Transbay Transit Center. The site is near upscale restaurants, boutique hotels and numerous entertainment and cultural attractions, such as the San Francisco Museum of Modern Art, Yerba Buena Gardens and the Metreon.
Geisreiter and CBRE senior associate Alexis Walsh will be the leasing team for 657-667 Mission St.
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