Closing in just 21 days in the midst of a pandemic, this pair of mixed-use buildings in San Francisco’s SOMA neighborhood sold for $4.5 million.
SAN FRANCISCO, CA – June 17, 2020 – NAI Northern California is pleased to announce the closing of 52-54 Gilbert Street, two adjacent mixed-use buildings in the SOMA neighborhood of San Francisco. The company represented both the buyer and seller in a $4.5 million transaction that closed in just 21 days despite the ongoing COVID-19 coronavirus pandemic.
Renovated and remodeled in 2017, 52-54 Gilbert Street consists of two adjacent buildings: a ~2,000 sq. ft. 5-bedroom, 2.5-bathroom non-conforming residential building currently occupied by Starcity, and a ~4,000 sq. ft. office/PDR (production, distribution, and repair) building currently occupied by Eden Technologies Incorporated. Both buildings have gone through extensive renovations and have contemporary high-end finishes. They are located in the vibrant developing area of south SOMA next to Mission Bay with close proximity to highways 80 and 280.
Brokers Armand Anicete and Frank Orrell represented the seller of the property, who wanted to raise equity and restructure their capital. The Anicete and Orrell Investment Advisory Team also represented the buyer, who purchased the property to complete the upleg of a 1031 exchange and wanted to increase their cash flow from their prior downleg sale. The investment property’s purchase featured a 5.89% cap rate.
About NAI Northern California
NAI Northern California is a full service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.
NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network, with more than 375 offices worldwide and over 6,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.
Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.