A largely vacant shopping center and adjacent housing complex that spans an entire city block near Fisherman’s Wharf has been scooped up by a partnership of investors.
Anchor Pacific Capital Co. (APC) is partnering with a private family office to develop the approximately 87,000-square-foot North Point Center at 350 Bay Street and the 72-unit North Point Vistas apartment complex at 2351 Powell Street. was actually purchased for $25 million. A real estate market source familiar with the transaction revealed the deal on Tuesday.
That price breakdown means the partners will pay about $90 per square foot for the 1960s-era indoor mall and about $240,000 per unit for the apartment building. The seller is North Point Investors, which listed the property for sale earlier this year after the mall’s anchor tenant, Safeway, pulled out.
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When contacted on Tuesday, APC managing partner Anton Qiu confirmed the deal he brokered on behalf of the investment firm. Mr Chiu said APC was also appointed as the asset manager for the apartment complex.
Jeffrey Weber, Quynh Le, Cooper Engst and Alicia Muller of global real estate investment bank Eastdil Secured represented the seller.
These properties are located on the edge of North Beach and within walking distance of Fisherman’s Wharf, a favorite of tourists and locals for generations.
“We believe in San Francisco’s long-term prospects,” Chiu said when contacted Tuesday. He also added that he “only has one Fisherman’s Wharf.”
Before the pandemic, the mall, which was operating at 100% occupancy, would be worth about $400 per square foot, or about $35 million, Chiu said.
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Chiu said the mall is “a little tired” and needs “tender loving care.” Aside from Safeway, North Beach’s largest grocery store, which permanently closed in March, other tenants have also closed during the pandemic, including Walgreens and Radio Shack. Currently, the mall is about 90% empty.
The property has been in escrow multiple times since it was listed this spring, but potential buyers have struggled to close due to “lender issues,” said a person familiar with the transaction but not involved in the transaction. It is being
Grocery Outlet Bargain Market, a discount grocery store and retail chain headquartered in Emeryville, has indicated it is looking to fill the vacancy left by Safeway, whose mall was listed for sale in May. However, it is unclear what the current status of that plan is, Chiu said. APC is in “initial discussions with several candidates” for the anchor vacancy.
The 57,000-square-foot apartment building has views of San Francisco Bay and is comprised of historically rented condominiums, Chiu said.
The North Point property also includes 350,000 square feet of gated parking. Their sale comes amid notable changes in the Fisherman’s Wharf area.
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This summer, Los Angeles-based investor BH Properties acquired the approximately 200,000-square-foot shopping center at 500 Beach Street, known as Anchorage Square. That mall is about three blocks from the North Point property and is on the market for $65 million.
Anchorage Square Mall is still home to In-N-Out, perhaps the area’s busiest restaurant, but the city’s only Krispy Kreme outlet, which was part of the complex but closed in 2021. suffered many losses throughout the pandemic, including
Just this month, the Port of San Francisco began searching for new businesses to fill a total of four commercial vacancies at Fisherman’s Wharf. Three of the spaces, which have been available for decades, previously housed popular seafood restaurants, including Alioto’s, which was open for nearly a century on Fisherman’s Wharf but closed permanently due to the pandemic. .
Contact Laura Waxmann: laura.waxmann@sfchronicle.com