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A Goodman North America affiliate acquired three industrial buildings in San Francisco for $110M, grabbing a portion of the city’s short supply of industrial stock.
The largest building, at 180 Napoleon St., is a 30K SF former U.S. Postal Service distribution center and brought a purchase price of $83M. Two smaller buildings, at 25 and 251 Napoleon St., sold for $26.M. San Francisco Warehouse Property Co. sold the buildings, according to The Registry SF.
Goodman in May 2022 purchased a 13K SF property at 2270 Jerrold Ave. for $70M. Goodman later filed a request with the city to demolish one of the three buildings at this site as a result of fire damage, according to The Registry SF.
Industrial supply in San Francisco has historically been relatively limited, with currently nonexistent construction pipelines and rising rents. But the average price per SF is down somewhat from 2020, slipping from $560 per SF to around $530, according to an Institutional Property Advisors report from Q3 of last year. However, cap rates are also down, from 4.5% in 2020 to just under 4.25% in 2022, according to the same report.
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