Sterling Group bought Disney’s former store in San Francisco’s Union Square for less than half the seller paid five years ago.
Vanbarton Group sold the vacant 12,281-square-foot building at 39 Stockton Street for $11 million, or $896 a square foot, the San Francisco Business Times reported. Vanbarton paid $27.5 million for the same property five years ago. The West Palm Beach-based buyer has listed it for lease.
The two-story building was fully occupied by Disney when Vanbarton bought it. It was among dozens of stores that the entertainment closed in a shift to e-commerce. Disney said it would open 100 smaller shops inside Target stores instead.
Union Square was hit by brazen thefts last year. Multiple high-end retailers including Louis Vuitton, Burberry and Maxford’s Jewelry were targeted in a three-day spree that forced officials to restrict access to the area. DSW said in November that it would close its store at 400 Post Street after nine years at that location.
Some luxury brands have opened downtown. Less than a month ago, Chanel bought a three-story, 18,000-square-foot property at 340 Post Street from Stockdale Capital Partners for $63 million. Shortly after that, Yves Saint Laurent signed a lease to take over the basement, ground and mezzanine levels of the historic I. Magnin & Co. building, almost doubling its space in Union Square.
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Commercial
San Francisco
Yves Saint Laurent leases space in I Magnin building in SF’s Union Square
[SFBT] — Victoria Pruitt