BH Properties will buy a 200,000-square-foot shopping center and parking lot in Fisherman’s Wharf following its $65 million purchase of Holy Name University in Oakland.
The Los Angeles-based real estate investor is managing the purchase of Anchorage Plaza at 500 Beach Street, According to the San Francisco Business Times, Citing unknown sources.
The seller is Anchorage Holdings, an affiliate of Abu Dhabi Investment Authority, based in the United Arab Emirates. Prices were not disclosed.
Built in the 1970s, the nearly 200,000-square-foot retail center and parking lot has been plagued by vacancies, according to The Business Times.
Home to the popular In-N-Out Burger, it once opened the city’s only Krispy Kreme donut at the 353 Jefferson Street complex, which closes in 2021.
Despite high vacancy rates, Fisherman’s Wharf was described as “crowded” compared with other shopping and tourist areas in San Francisco.
JLL brokerage Rhonda Diaz said a client described the pier during a recent tour as “an oasis in San Francisco.” It has “more regional visitors than it did before the pandemic,” she said.
“Many restaurants on the piers are above pre-pandemic levels, especially projects like Pier 39,” Diaz said. “There’s a sense of security. They have a sense of security.”
BH President Jim Brooks tell american real estate capital Last year, the company hoped to buy loans from distressed assets across the country and eventually take ownership.
BH made headlines last week when it acquired the nearly 57-acre Oakland Hills campus of Holy Name University, a Catholic university that closed this spring after 155 years.this $65 million acquisition According to the San Jose Mercury News, just before the foreclosure auction.
To complete the acquisition of the 66-year-old campus, BH Properties raised $45 million in financing from Los Angeles-based Hankey Capital.
Brokers David Klein and Jeff Moeller of Lee & Associates San Francisco are looking for one or more educators to lease buildings on their campus, Mercury News reported.