Pacific Capital Partners, a real estate investment firm based in Beverly Hills, California, purchased a retail property in San Francisco for $9.35 million, or about $318 per square foot. The building, which sits in the city's Upper Market/Castro neighborhood, was sold by a private individual for less than they paid for it.
Located at 2145 Market St., the property was built in 1923, and boasts convenient access to BART public transit and other major retailers. At the time of sale, the two-story storefront was fully leased to national pharmacy Walgreens and to Live Fit Gym, a fitness tenant that signed a 10-year lease.
According to CoStar records, the property last sold in 2001, when it was purchased for $13.15 million as part of a 1031 exchange, which permits investors to trade properties and avoid capital gains taxes.
For the Record
Eric Kathrein, Warren McClean. Andrew Spengenberg and Jen Mistretta of JLL represented the seller.
