Benetton Building in S.F. Sells for $14m
San Francisco real estate continues to rebound, as evidenced by the recent sale of the Benetton building in Union Square for $14 million.
Representatives of Irvine, Calif.–based broker Reza Investment Group Inc. confirmed the sale to an undisclosed party. The previous owner was Nord Capital Real Estate of Hamburg, Germany.
The 12,281-square-foot building at 39 Stockton St. spans three levels, with the United Colors of Benetton as its only tenant. The Italian retailer will remain in the building.
“This building benefits from outstanding foot traffic generated from the close proximity to the new [Westfield San Francisco Centre] and the largest Bloomingdale’s in the West,” said Carlos Lopez, senior vice president and director of Reza’s urban division.
Lopez added that a new Barneys flagship will open this fall across the street.
“This will enable the owner to not only benefit from the existing strong pedestrian traffic, but it will strategically position the building in the future as the street becomes even more popular due to the arrival of Barneys.” —Robert McAllister
