Private Buyer Plans Creative Conversion for 3 Mid-Market Offices
A private buyer paid $25M to purchase three office buildings located from 1340 to 1370 Mission St, and totaling 47,294 SF, from Mercy Housing.
Mercy Housing was repped in the all-cash deal by Michael Taquino and Kyle Kovak, senior managing directors, and Daniel Cressman, executive managing director, with the San Francisco office of Newmark Cornish & Carey.
Taquino told The Registry that the buyer, a high-net-worth real estate owner, plans to rehabilitate the buildings into creative space. The buildings are well positioned near transit with high ceilings. While fully leased out, the properties have short-term leases.
The SoMa office district where the buildings are located has a total vacancy rate of 3.3%, according to Newmark Cornish & Carey. [TR]