Union Square Building Sells For $69M
Federal Realty Investment Trust sold a Union Square asset for $69.3M to a JV between Madison Capital and PGIM Real Estate. This was Madison Capital’s first acquisition on the West Coast. The seven-story, 105K SF building at 150 Post St. is a mix of retail and office. San Francisco’s Union Square has garnered attention from buyers within the last 12 months, especially since it has some of the highest retail rents in the city.
Blatteis & Schnur and Morgan Stanley Real Estate Investing are transforming the former Macy’s Men's Store into a mixed-use retail and office complex. They purchased the building in 2016 for $250M. Earlier this year, Vanbarton Group and one of its U.S. pension fund partners purchased 39 Stockton St.
Federal Realty has completed $123M of dispositions year to date, according to Federal Realty Investment Trust Chief Financial Officer and Treasurer Dan Guglielmone.