Taiwanese investor sells San Francisco retail property
Taiwan-based Majestic Asset Management has sold 220 Post St., a retail property in San Francisco, to Angelo, Gordon & Co. and City Center Realty Partners for $73 million.
Majestic Asset Management acquired the office in 2013 for $63.2 million. Colliers International negotiated the sale on behalf of the seller.
The property at 220 Post St. is located in the heart of San Francisco’s Union Square shopping district. The five-story building is fully occupied by Sak’s Fifth Avenue men’s store; the retailer’s lease ends this year.
Despite Sak’s exit from the property, Union Square is a desirable location for retailers. During the second quarter, the direct vacancy rate in Union Square was 2.7 percent, a minimal increase from the 2.6 percent during first quarter 2016 and from the 1.1 percent vacancy rate a year ago, according to Cushman &Wakefield.
Flagship store openings, expansions and relocations by Union Squa