SAN FRANCISCO—City Center Realty Partners LLC has sold a 5,770-sq.ft. retail building here at 33 Grant Avenue for an undisclosed amount.
The property near Union Square Park is leased to Steve Madden and Archer, a hair salon. The unnamed buyer purchased the asset free and clear of debt and the sale represents their first transaction in the area.
Nicholas Bicardo, managing director with HFF, and Mark Damiani, associate director, led the investment sales team representing the seller. “High street retail has increasingly become a focal point of the acquisition criteria for retail investors, and while the transaction size was small for 33 Grant Avenue, the asset commanded attention from all the major institutional, offshore and local private buyers,” said Bicardo. “The demand and pricing we are seeing in the high street retail sector across the country in well located areas, especially San Francisco, is phenomenal.”