NAI Northern California Represents $4.3M Sale of Two Mid-Market Retail Condos
San Francisco, CA - May 16, 2017- NAI Northern California, the Bay Area presence for NAI Global, the largest commercial real estate brokerage network in the world, is proud to announce the sale of a record-breaking transaction of $4.3 million on two retail condominiums located in the emerging and revitalized Mid-Market corridor.
Vice President, Mary Alam, listed the deal and represented the seller for the properties located at 938 Market Street. Ms. Alam has worked in real estate and related fields for more than 10 years.
In this transaction, she worked with a foreign buyer looking to invest in the San Francisco market where she identified a profitable purchase for the buyer at a 3.75% CAP rate. With the high volume of leases nearing expiration, it is expected that rents in the area will continue to increase over time as they become replaced with higher rents as new leases are signed.
“This transaction is exciting, as it sets a price record per square foot at this location. It is a sign of even better things to come for the Mid-Market area,” says Ms. Alam, who specializes in leased investments with a focus on retail, office and hotel properties, as well as redevelopment opportunities throughout Northern California. She manages a sales portfolio of single and multi-tenant retail properties nationwide.
The recently sold 3,068 square foot retail property built in 1908 sits among a variety of high-end shopping avenues such as the 6X6 Retail Center, Westfield Center, Powell Street Hub, Nordstrom Rack and Saks Off 5th. The area of Market Street bordered by 5th Street on the north and Van Ness Ave on the south, known as Mid-Market, has garnered major investor attention in the past few years.
With Twitter occupying a location at Market and 10th Street and other high-tech firms and startups having followed suit, the area has many development projects underway that include hospitality, retail and multifamily.
About NAI Northern California
NAI Northern California is at the leading edge of technology, collaborative culture, and training, giving our local professionals a competitive advantage and creating better outcomes for our clients. We are consistently a top Commercial Brokerage in the Bay Area, and continue to grow our team and revenues.
NAI Global is the largest commercial real estate brokerage network. Founded in 1978, today NAI Global has more than 400 offices worldwide and over 7,000 professionals, managing over 380 million square feet of property. Global offices deliver market-leading services locally and combine their in-market strengths to form a powerful bond of insights and execution for clients with multi-market challenges.
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