Union Square Heats Up With Latest Acquisition
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Mesa West Capital provided Vanbarton Group and one of its U.S. pension fund partners with $16M in first mortgage debt to finance the purchase of the fully occupied 39 Stockton St in Union Square.
The 12k SF two-story retail property is 100% leased to The Walt Disney Co. The property is one block south of Union Square and will be near the Central Subway station now under construction and expected to be completed in 2019.
“The Union Square submarket is already one of the most desirable retail districts in the United States, and occupancy and rental rates are at historic levels,” Mesa West principal Ronnie Gul, who led the West Coast origination team, said. “The new subway will bring thousands of locals and tourists each day right to the front step of the asset, which will substantially increase the desirability of the property.”
Mesa West’s five-year floating-rate loan was originated out of the firm’s Mesa West Real Estate Income Fund IV. The financing was arranged by HFF director John Churchward in San Francisco.
