Overview
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to purchase the $28.5 million non-performing, senior mortgage loan secured by the retail property interest in 166 Geary Street (the “Property”) in San Francisco, CA. The retail property includes 12,905 square feet of prime retail fronting Geary Street and Maiden Lane.
166 Geary Street is located directly across the street from one of Neiman Marcus' top performing stores in the country and is steps from Union Square. 171-175 Maiden Lane is located on a quaint, two-block pedestrian only shopping enclave featuring San Francisco's only Frank Lloyd Wright- designed building. Maiden Lane is home to several upscale boutique retailers including Chanel, Maison Margiela, Bottega Veneta, Gucci, Tory Burch, Fendi, and Hermes.
The offering provides investors the opportunity to pursue a path to title. The loan is being sold on an as-is basis.
Investment Highlights
- World-class location in Union Square's luxury zone, steps from the Square
- Boutique ground floor retail space with prime frontage on Geary Street and Maiden Lane
- Unique second floor retail with separate street entrance on Maiden Lane
- 42% leased to Suitsupply with 1.6 years of remaining lease term
- Near-term upside through leasing up boutique ground floor retail space
- Adjacency to public transit (Central Subway, MUNI, BART)
- Compelling basis at significant discount to 2014 sale ($46 million; allocated value)
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