San Francisco Industrial Asset to Become Shelter
The City of San Francisco has signed a 98,000-square-foot lease with LB Stone Properties Group at 2177 Jerrold Ave., a 104,098-square-foot industrial property in San Francisco. The city will use the long-term lease for the Department of Homelessness and Supportive Housing.
Newmark brokered the deal, with Executive Managing Director Mark Geisreiter, Managing Director Aaron Gillespie and Senior Managing Director Seth McKinnon working on behalf of the landlord.
LB Stone Properties purchased the property back in 2016 for $9.7 million, according to CommercialEdge data.
According to YIMBY, a project proposal including a 10-year lease of the property was submitted last year. The project proposed the use of the 2177 Jerrold Ave. property as a temporary shelter for the unhoused. The plans also called for the demolition of an existing warehouse and tenant improvements to the existing office building and warehouse.
Located on 2.3 acres, 2177 Jerrold Ave. comprises two buildings totaling 24,455 square feet and 79,643 square feet of secure yard space. Completed in 1944, one of the buildings, a two-story one, features 10- to 18-foot clear heights, an electric fence, LED lighting and parking spaces.
The property’s central location within San Francisco’s Produce Market provides easy access to Route 101 and Interstate 280.
The Bay Area ranked fifth nationally for industrial transactions last year through October, according to a recent CommercialEdge’s report. The area’s volume totaled some 6.6 million square feet of industrial space changing hands across 51 properties.
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