Grocery Outlet Heir Lowers Price for SF Co-Op to $16 Million

A former executive of Grocery Outlet has lopped $2 million off the asking price of his Pacific Heights co-op flat, to $16 million.

MacGregor Read, whose grandfather founded the Emeryville-based discount retail chain, has relisted the 5,000-square-foot co-op unit at 2000 Washington Street, No. 3, across the street from Lafayette Park, the San Francisco Business Times reported.

Read bought the single-floor home in 2014 for $9.4 million, according to Redfin. He then sank more than $9 million into renovations, according to Joe Lucier, who holds the listing with Stacey Caen of Sotheby’s International Realty.

The former co-CEO of Grocery Outlet listed the three-bedroom, four-bathroom flat in early September for $18 million.

He cut the price “to activate buyers in the market,” Lucier told the Business Times.

The home within the eight-story building, built in 1922, has an open floor plan with sweeping views of the bay. Its spare-no-expense makeover was completed in 2017 by Skurman Architects, based in the city.

It has a multi-screened Crestron home technology system. Finish carpentry was done by master builder Charles McKee, with attention to acoustical soundproofing. It includes high-level security daily doorman service.

The unit comes with parking for three cars, two secure storage rooms and an elevator. Lucier said Read moved to the East Coast during the pandemic, leaving the home in nearly mint condition.

“The owners took the apartment down to the shell in their renovation. It is the finest example of custom design, materials and execution that I have seen in my 25 years in the business,” Lucier told the newspaper. “Buyers in this part of the market can search for years to find this rare quality apartment.”

The co-op is also in the company of some of the city’s “most ostentatious single-floor flats,” according to the Business Times.

In January, a four-bedroom, six-bathroom penthouse at 2000 Washington sold for $16 million, according to Zillow.

At 2006 Washington Street next door, a 10th-floor penthouse was listed in March for $35 million, before dropping the price to $29 million. In 2022, a two-floor flat there sold for $19 million, after listing for $30 million. Another co-op, which had listed for $45 million, dropped its asking price to $35 million.

— Dana Bartholomew