228-240 Post Street
Acquisition of an existing, older building in an off-market transaction. Subsequent full renovation (including seismic upgrade) and retenanting with international retailers.
The 200 block of Post Street is the premium location for luxury retailers in San Francisco. The principals of Urban Realty were able to negotiate a long escrow and extended closing with the seller, who desired sufficient time to locate suitable exchange properties.
During the escrow, the project design was completed, and tenant commitments were secured for 100% of the project. Construction commenced immediately upon closing, and the net income for the property was increased by over 400%.