39 Stockton
Background
Located on 39 Stockton Street in San Francisco's famed Union Square district, United Colors of Benetton currently occupies this 3-level urban street-retail building.
Challenge
Due to the strong retail rent structures in the Union Square district, the corresponding price per square foot of the property was very aggressive and thus difficult for buyers to get comfortable with. In addition, United Colors of Benetton was having significant difficulties in this location and had underperforming sales numbers. Our team solicited a pre-qualified buyer and educated the buyer on the nuances of the asset and the potential value-added opportunity in the real estate. The seller of the property is located overseas, adding a significant amount of complexity to the transaction.
Solution
We identified a buyer that had extensive experience in markets with high-end urban retail projects and was comfortable with an overseas seller. The continuous advisory provided by our team members throughout the escrow process was instrumental in bringing this transaction to a successful close.