News From: TRI Commercial/CORFAC International
Media Contact: Gary Marsh (415) 453-7045 or gary@marshmarketing.com
TRI Commercial/CORFAC International Completes a Trifecta of Deals Associated with a SOMA Commercial Property
San Francisco, California (October 12, 2015) –TRI Commercial/CORFAC International President Tom Martindale, SIOR, announced today that Senior Advisor Jason James has completed a trifecta of transactions that were all associated with a single property in the SOMA (South of Market) area of San Francisco.
James marketed and subsequently sold a two-story, 34,400-square-foot, PDR zoned industrial building with 42 below-grade parking spaces located at 2650 18th Street in the Mission District of the city. He represented the seller in the $14.25 million deal – 2650 18th Street LLC, which was occupied by Weston Wear.
The buyer of the building was Chai LP, a multi-generational family-owned real estate investor based in San Francisco.
While the building was in escrow, James also leased the entire building to Zesty, a catering company that delivers, sets up and serves restaurant-made meals to businesses throughout San Francisco. The company was founded in 2013 and is backed by numerous Silicon Valley investors and venture funds. James said that Zesty plans to take occupancy soon. KQED, Heath Ceramics and HTC (designer of Droid phones) are located across the street from the future Zesty headquarters.
James concurrently represented Weston Wear in its relocation to 389 Oyster Point where it now occupies approximately 12,000 square feet.
James said that 2650 18th Street was offered for sale unpriced and that, over the course of the listing, there were many offers for the property from a variety of investors, as well as potential owner/occupiers.
“Given how hot the San Francisco market is and the highly desirable location of this property, I was not surprised by the level of activity the offering generated. It really could have gone in the other direction of being purchased by a developer with an eye toward adding additional floors to the site, but we found a local investor who wanted it as-is and a tenant that was willing to renovate the building on their dime.” James said.
“The active sale environment and the demand for such limited blocks of space is very indicative of what is going on with the market, there’s more demand than available space.” he added.
About TRI Commercial/CORFAC International
Founded in 1977, TRI Commercial/CORFAC International is a leading Northern California commercial real estate brokerage and property management firm specializing in San Francisco, East Bay and the Sacramento Metro property markets. The company has expertise in tenant and landlord representation services and helps clients buy and sell commercial and investment-grade property. The company serves office, retail, and land, multifamily and industrial property sectors, with offices in San Francisco, Oakland, Walnut Creek, Sacramento, Roseville and Rocklin. For more information, visit www.tricommercial.com or call 415.268.2200.
About CORFAC International
CORFAC International is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Chicago, IL-based CORFAC has 48 offices in the U.S., 7 in Canada and 25 offices internationally. Founded in 1989, CORFAC firms completed (in 2014) more than 10,000 lease and sales transactions totaling 400 million square feet of space valued in excess of $7.4 billion. For more information on the CORFAC network, call the Chicago headquarters at 224.257.4400 or visit www.corfac.com
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