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Irish developer buys San Francisco asset
4 Jun, 2008, San Francisco
Irish developer Summergrove Developments Ltd, advised by global real estate consultant Cushman & Wakefield (alliance partnered with Lisney in Ireland), has acquired 117 Post Street, San Francisco for in excess of $17.5 million.
117 Post Street is in San Francisco’s famous Union Square area and represents the 100% prime retail pitch in the City.
Comprising over 21,000 sq ft the property is predominantly let to Mango as their flagship retail store with multi-let offices on the upper floors.
Ashley Marrison, partner, Cushman & Wakefield said “The sale of this prime trophy investment in competitive bidding to Summergrove Developments Ltd demonstrates the strong demand for good quality US investment stock from both the UK and Irish markets. The net initial yield is 5.40%, which given lower US interest rates is highly attractive to the current investment market.”
Summergrove Developments is the main development and investment vehicle of Limerick based property developers Martin Tynan and Brian Dobson. The company has recently been associated with a number of high end niche developments in the Cote d’Azur, as well as developments/investments in the UK and Ireland. This purchase in San Francisco represents their first purchase in the U.S.
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