homesmillbrae.com » Square Foot http://homesmillbrae.com Thu, 20 Oct 2022 03:48:43 +0000 en hourly 1 http://wordpress.org/?v=3.1 Three most expensive homes on the San Francisco MLS http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/ http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/#comments Tue, 16 Jul 2013 21:18:43 +0000 http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/ Continue reading →]]> 50259 socialBarCommentsIcon Three most expensive homes on the San Francisco MLS

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Winning the award for 3rd most pricey home on the San Francisco MLS is the Jackson Street abode you see above, nearly 9,000 square feet with 6 beds and 6.5 baths. Readers should note the home’s listing price, $17.5 million, breaks down to asking $1,984 per square foot. Not that this would scare luxury buyers in San Francisco; the home itself went pending just six days after it listed, according to Redfin property records. We don’t know yet what it will actually sell for, but we doubt it’s much less than what the sellers ask given the alacrity of the transaction.

Coming in 2nd is this palatial affair hulking over Washington St.

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This property is so big, it has two MLS listing pages, one for the main house and one for the guest house.  Neoclassical outside and over-the-top on the inside, the home offers almost 18,000 square feet, 8 beds, 7 baths, and the aforementioned guest house at an additional 2,600 square feet.  All this, plus a corner lot Presidio Heights location, set this home at an astonishing $21 million. Not so astonishing anymore, maybe, not after Yammer founder David Sacks paid $20 million for the not even finished 2845 Broadway. However, no one has rushed to snap up this one, hot luxury market or not. The home listed for $25M in May of 2012 and was reduced in March to $21M.

Coming in 1st is this home, lined up with traditional billionaire mansions on Broadway, but looking quite different from its peers.

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We can only thus far see plans for the interior and multiple floors, but the exterior rendering is remarkable, as is the view, and the price. Asking $28,950M, 2712 Broadway is officially the most expensive home listed on the SF public MLS. It offers 6 beds, 6 baths in 11,607 square feet, which calculates to $2,494 per square foot. Too pricey even for that stretch of street? Time will tell.

Buyers want, and can afford, high-end

Meanwhile, luxury properties enjoy a continued popularity in 2013. Paragon Real Estate Group shows this in a recent 2nd quarter report:

ca788 LuxHome Unit Sales by Qtr 600x451 Three most expensive homes on the San Francisco MLS

Going up! Demand for pricey homes going up, and prices with it. Courtesy Paragon Real Estate Group

 

How high is too high?

When, and at what price, will buyers balk? Or is the appetite for luxury in San Francisco insatiable?

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2013/07/16/three-most-expensive-homes-on-the-san-francisco-mls/

]]> http://homesmillbrae.com/2319/three-most-expensive-homes-on-the-san-francisco-mls/feed/ 0 San Francisco parking spot sells for $82000 http://homesmillbrae.com/2312/san-francisco-parking-spot-sells-for-82000-2/ http://homesmillbrae.com/2312/san-francisco-parking-spot-sells-for-82000-2/#comments Sat, 13 Jul 2013 20:59:56 +0000 http://homesmillbrae.com/2312/san-francisco-parking-spot-sells-for-82000-2/ Continue reading →]]> (AP) SAN FRANCISCO – Parking spots apparently aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000, the San Francisco Chronicle reported on Thursday ( ).

The 8- by 12-foot parking space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark. A Porsche SUV was parked in it on Thursday. The Chronicle said the unidentified buyer did not respond to interview requests.

While it may seem like a lot of money, real estate agents said parking could be a good investment in densely packed San Francisco, where vehicle spaces go for a premium. They can add as much as $100,000 to the purchase price of a property or be rented out at rates of $400 to $450 a month _ the going rate in South Beach.

“We had a very good response right out of the gate,” said Sean Sullivan with Climb Real Estate, which sold the spot. “It was only in the market two weeks.”

Sullivan said he sold a parking spot in the same building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to The Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county San Francisco Bay area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot, the Chronicle reported. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows nonresidents to own a spot.

The owner has a deed and must pay property taxes and homeowner association dues.

The sale was all cash.

Article source: http://wnyt.com/article/stories/s3066080.shtml?cat=300

]]> http://homesmillbrae.com/2312/san-francisco-parking-spot-sells-for-82000-2/feed/ 0 Parking Spot Sells For $82K In San Francisco Building http://homesmillbrae.com/2279/parking-spot-sells-for-82k-in-san-francisco-building/ http://homesmillbrae.com/2279/parking-spot-sells-for-82k-in-san-francisco-building/#comments Mon, 24 Jun 2013 07:58:38 +0000 http://homesmillbrae.com/2279/parking-spot-sells-for-82k-in-san-francisco-building/ Continue reading →]]>

SAN FRANCISCO (CBS/AP) – It seems parking spots aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000.

The 8- by 12-foot parking space is in an enclosed garage in a condominium building just a block from ATT Park. The unidentified buyer did not respond to interview requests, but a Porsche SUV was parked in the space on Thursday.

While it may seem like a lot of money, real estate agents said parking could be a good investment. It can add as much as $100,000 to the purchase price of a property, or be rented out at rates of $400 to $450 a month — the going rate in South Beach.

Sean Sullivan, who sold the space, said the spot has an ideal location with Instagram and other tech companies nearby.

“We had a very good response right out of the gate,” said Sullivan, an agent who works for Climb Real Estate. “It was only in the market two weeks.”

Sullivan said that he’s previously sold a space for even more. In fact, he sold a parking spot in the same exact building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to the Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county Bay Area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows non-residents to own a spot.

The new owner has a deed and will be required to pay property taxes and homeowner association dues on his little slice of South Beach.

The sale was all cash.

(Copyright 2013 by CBS San Francisco. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Parking Spot Sells For $82K In San Francisco Building

Article source: http://sanfrancisco.cbslocal.com/2013/06/13/parking-spot-sells-for-82k-in-san-francisco-building/

]]> http://homesmillbrae.com/2279/parking-spot-sells-for-82k-in-san-francisco-building/feed/ 0 San Francisco Parking Spot Sells for $82000 http://homesmillbrae.com/2262/san-francisco-parking-spot-sells-for-82000/ http://homesmillbrae.com/2262/san-francisco-parking-spot-sells-for-82000/#comments Fri, 14 Jun 2013 13:20:57 +0000 http://homesmillbrae.com/2262/san-francisco-parking-spot-sells-for-82000/ Continue reading →]]>

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San Francisco Parking Spot Sells for $82000

Parking spots apparently aren’t immune from the recent surge in San Francisco real estate prices.

A spot in the city’s trendy South Beach neighborhood sold last week for $82,000, the

The 8- by 12-foot parking space is in an enclosed garage in a condominium building near the San Francisco Giants’ ballpark. A Porsche SUV was parked in it on Thursday. The Chronicle said the unidentified buyer did not respond to interview requests.

While it may seem like a lot of money, real estate agents said parking could be a good investment in densely packed San Francisco, where vehicle spaces go for a premium. They can add as much as $100,000 to the purchase price of a property or be rented out at rates of $400 to $450 a month – the going rate in South Beach.

“We had a very good response right out of the gate,” said Sean Sullivan with Climb Real Estate, which sold the spot. “It was only in the market two weeks.”

4525f 061313 parking spot inside San Francisco Parking Spot Sells for $82000Sullivan said he sold a parking spot in the same building at the height of the last real estate boom for $95,000.

Overall, the city has seen real estate prices climb. Home prices in San Francisco grew by 22.2 percent in March compared with a year ago, second only to Phoenix among U.S. cities, according to The Standard Poor’s/Case-Shiller home price index released in May.

Home prices in the wider, nine-county San Francisco Bay area posted a 12th straight month of double-digit price increases last month, according to research firm DataQuick. DataQuick said Thursday that the median price for new and existing houses and condominiums reached $519,000 in May, up 30 percent from the same period last year.

Condos in the South Beach area are going for $1,000 a square foot, the Chronicle reported. At 96 square feet, the parking space was a relative bargain at $854 per square foot.

04b12 061313 parking spot entrance San Francisco Parking Spot Sells for $82000Sullivan said the building where the parking spot was sold was built before the city restricted spaces to one per unit. It is one of the few buildings that allows nonresidents to own a spot.

The owner has a deed and must pay property taxes and homeowner association dues.

The sale was all cash.

Copyright Associated Press

Article source: http://www.nbcbayarea.com/news/local/San-Francisco-Parking-Spot-Sells-for-82000-211467521.html

]]> http://homesmillbrae.com/2262/san-francisco-parking-spot-sells-for-82000/feed/ 0 San Francisco median home hits $1 million http://homesmillbrae.com/2221/san-francisco-median-home-hits-1-million/ http://homesmillbrae.com/2221/san-francisco-median-home-hits-1-million/#comments Sun, 19 May 2013 22:22:32 +0000 http://homesmillbrae.com/2221/san-francisco-median-home-hits-1-million/ Continue reading →]]>


b3130 Berkeley house%2A304 San Francisco median home hits $1 million

This home at 6905 Norfolk Road in Berkeley boasts four bedrooms and three bathrooms for $1,095,000 or $322 per square foot. See listing here.



San Francisco median home hits $1 million







9dbec Torres%2CBlanca v2 San Francisco median home hits $1 million
Blanca Torres
Reporter- San Francisco Business Times

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The median price for a single family home in San Francisco hit $1 million in April — the highest level since 2007.

The new median price is a 32 percent jump from $760,000 last year.

Got a cool $1 million to spend on a home? Click on the slideshow to the right for a virtual tour of $1 million homes in Bay Area cities.

“Shrinking inventory combined with low interest rates and motivated buyers has resulted in historically high sales prices,” said Christine Dwiggins, president of the San Francisco Association of Realtors.

Inventory levels are significantly low with only 1.1 months of inventory available — that means the amount of time it would take to sell off all the homes on the market if no new supply came on — in April whereas five to seven months of inventory is considered a balanced market.

Single-family homes in San Francisco are selling in an average of 28 days, down about 44 percent from an average of 49 days a year ago.

Meanwhile, the median price for a condo in San Francisco reached $850,000 in April — the highest level in the last two years.

Home prices have ballooned in the past year in San Francisco, but it’s not the only Bay Area city enjoying price gains.

See our slideshow for examples of what $1 million can get you in the Bay Area these days courtesy of ZipRealty.

Blanca Torres covers East Bay real estate for the San Francisco Business Times.

Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2013/05/median-home-price-hits-1-million-in.html

]]> http://homesmillbrae.com/2221/san-francisco-median-home-hits-1-million/feed/ 0 Navigating the Bay Area Real Estate Market http://homesmillbrae.com/2101/navigating-the-bay-area-real-estate-market/ http://homesmillbrae.com/2101/navigating-the-bay-area-real-estate-market/#comments Thu, 28 Mar 2013 19:26:13 +0000 http://homesmillbrae.com/2101/navigating-the-bay-area-real-estate-market/ Continue reading →]]>

A real estate agent tours a home for sale during an open house in San Francisco. According to real esate agents, in the current market environment, not having inside knowledge will prevent people from getting the house they desire. (Justin Sullivan/Getty Images)

Century 21 Realty Alliance president and broker Orhan Tolu shares what he knows to help buyers and sellers navigate the Bay Area’s strong and growing real estate market. The company had the biggest market share growth last year—357 percent—in the entire state of California when Century 21 Realty Alliance made its move into San Francisco, completing 850 transactions in their first year, with roughly 11 agents.

The Commercial Window

“This is the year to buy,” says Tolu.

If you have the capital, commercial properties are what you want to invest in, especially in San Francisco, Tolu says. In the current economy, it costs twice as much if you want to build a new building than what you can buy one for, and commercial property values are still comparatively low compared to housing. You might be able to buy a building for $200 per square foot, but it would cost about $400 per square foot to build that building today—and land is getting increasingly scarce.

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“Commercial is always the last sector in the real estate market to fall, and is the last one to pick up,” says Tolu, who has 15 years of experience in selling commercial real estate. “So it always happens in that cycle.”

“Right now there’s still a lot of vacancy in office space, there’s a lot of vacancy in retail,” Tolu said. “Commercial went up, rent went up, and there is a shortage of listings in apartments, too. But it’s not as bad as houses.”

“On the office or retail sector, I think it’s going to take another two years for the market to fully heal and become as good as residential in the state,” Tolu said.

In the next four to five years, Silicon Valley’s expansion will continue, and the real estate market is just growing. Analysts say the market has still not returned to normal levels, making this a good time to jump on a property if one is looking to invest.

“Real estate is maybe going to appreciate 30 to 40 percent in the next two years,” Tolu said, compared to banks or investment in stocks. “So if you add the appreciation plus net income return, it’s going to be more than 20 percent increase in a five-year time period, so there’s nothing better than a commercial real estate investment in the world, nothing better.”

Compared to other real estate sectors, “maybe you pay a little bit too much compared to the other areas, your net cap is less, but your appreciation is always much, much higher,” Tolu said.

Overseas investors may not be familiar with the market or the nuances of the way sales are made in each city. With the purchases of commercial property, there’s a big difference from housing, Tolu says. With residential real estate, buyers can look in newspapers, magazines, or search online, but commercial listings are less frequent.

Tolu says that in Silicon Valley, there are about 15 realtors who specialize in commercial real estate, and 50 to 60 in the Bay Area. In most transactions, the realtors can just make a few calls among themselves and sell the property without listing it on the market. If you want to invest in commercial real estate, be sure to find a local professional commercial real estate agent, he suggests.

International Buyers

Foreign buyers will be at a disadvantage if they search overseas. It’s necessary to be in the United States in order to even start the search, go to showings, and buy a house with the limited time buyers have to bid on properties. For international buyers, working with a company that has a large global network can greatly help facilitate the process and improve your chances of getting that house.

Just recently, Tolu said, a Century 21 real estate broker from London gave him a call—two people from London wanted to purchase a property in San Jose.

“She already did the search for me, she already did everything for me,” Tolu said. “All I have to do is send one agent to go show [the property], to take care of them.”

Many buyers in the Bay Area may be looking for something that requires specialized knowledge—condominiums, for example, are different from houses, and it’s best to choose an agent with that specialization. Properties are often sold within a week of listing, and some buyers get hasty after not being able to get a property after a certain amount of time, leading to bad decisions.

Use a Better Network

It’s crucial to have the most updated information while doing your search—lest you start to prepare to bid for a property that’s already sold. There are many popular online listing sites, like Trulia, but how up to date are they?

Listing information is released within 24 hours on Century 21’s website, Tolu says, but many other real estate sites take their listings from Century 21’s listing generator, and often aren’t updated until 72 hours after it’s available. There are even houses that are sold the next day, which the agents would know, but websites might not show.

Experience Is Key

In the current market environment, not having inside knowledge will prevent you from getting that house. Many buyers lose three or four properties before they start looking for help.

“[There’s] a huge shortage of listings. I’ve never seen a shortage like this in the last 50 years,” Tolu said. “And if you look at the data, the listing comes in today, and tomorrow it’s gone already.”

Sellers barely need to advertise, Tolu says. “You just put it in the Internet and somebody will buy it with a high price anyway. Why spend money for advertisement?”

A good broker will know the ins and outs of the neighborhoods you’re interested in, and be able to help you navigate the market, where prices are rising daily. “Rely on your broker, because your broker and your agent have much more updated information than the Internet.”

Pricing isn’t a sure thing in this market, and buyers who caution to bid 10 percent above asking price might end up with a house only months later, when asking prices too have gone up 20 percent, according to Tolu.

“If a house comes along and you don’t get the right advice, you’re going to lose that house anyway,” Tolu said. “Each time you lose, the price is going to keep going up and up. Rather than waiting six months and having the price go up, work with an experienced agent and you’ll buy it at your first look.”

Expand Your Options

Most buyers make the mistake of starting with an area they like and then look at what houses are there, Tolu said. It’s a common mistake.

If you only consider buying a house in a particular neighborhood or city, your choices are very limited, and if there are no listings, you’re stuck. Broaden your search to nearby areas, Tolu suggests, and look at their school districts as well. Then work with an experienced agent and bid right the first time.

School Districts

If you delay or don’t get the right information and haven’t gotten the house in the school district you want come September, it might affect your children’s education.

“If you do it at the right time, then your kids will go to the better schools—good schools,” Tolu said. “Otherwise in September when the schools open, if you still don’t have a property, you don’t have a good location or a good school for your kids.”

If you buy a house in a better school district, you won’t have to spend money on private schools, which can be at least $20,000 to $30,000, and very time-consuming to drive to and from, Tolu said.

Additional reporting by David Zhang

The Epoch Times publishes in 35 countries and in 21 languages. Subscribe to our e-newsletter.

Article source: http://www.theepochtimes.com/n2/business/navigating-the-bay-area-real-estate-market-370116.html

]]> http://homesmillbrae.com/2101/navigating-the-bay-area-real-estate-market/feed/ 0 Photos: Marshawn Lynch buys $3.6 million Bay Area mansion http://homesmillbrae.com/1782/photos-marshawn-lynch-buys-3-6-million-bay-area-mansion/ http://homesmillbrae.com/1782/photos-marshawn-lynch-buys-3-6-million-bay-area-mansion/#comments Thu, 25 Oct 2012 07:32:13 +0000 http://homesmillbrae.com/1782/photos-marshawn-lynch-buys-3-6-million-bay-area-mansion/ Continue reading →]]> 2e840 socialBarCommentsIcon Photos: Marshawn Lynch buys $3.6 million Bay Area mansion

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Marshawn Lynch. (Ted S. Warren/AP Photo)

Talk about a Beast Pad!

Seahawks running back Marshawn Lynch has purchased a $3.6 million mansion in Richmond, Calif., a few miles north along the San Francisco Bay from his hometown of Oakland. According to Zillow, a real estate company, the 7,000-square-foot home sits on 134 feet of waterfront, sports five bedrooms and has 5.5 bathrooms.

The mansion also has a 58-foot-long boat dock, an elevator, a wine cellar and a home theater, according to Zillow. Not surprisingly, there are amazing views of the bay through the home’s huge windows.

We can only assume that Lynch will convert the wine cellar into a giant Skittles dispensary, that he will show “Matt’s Chance” on a continuous loop in the theater, and that he will remove the lift so he can simply run up the walls of his elevator shaft.

Check out photos of Lynch’s new digs in the gallery above. Looks like there are plenty of places he could set up his collection of mouth grills. And he could certainly fit this poster of his famous Beastquake run somewhere.

Now, just for the heck of it:

Visit seattlepi.com for more Seattle news. Contact sports editor Nick Eaton at nickeaton@seattlepi.com or @njeaton.

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Article source: http://blog.seattlepi.com/football/2012/10/24/photos-marshawn-lynch-buys-3-6-million-bay-area-mansion/

]]> http://homesmillbrae.com/1782/photos-marshawn-lynch-buys-3-6-million-bay-area-mansion/feed/ 0 RREEF and Daly City hunt for new office tenants http://homesmillbrae.com/1651/rreef-and-daly-city-hunt-for-new-office-tenants/ http://homesmillbrae.com/1651/rreef-and-daly-city-hunt-for-new-office-tenants/#comments Mon, 13 Aug 2012 07:14:13 +0000 http://homesmillbrae.com/1651/rreef-and-daly-city-hunt-for-new-office-tenants/ Continue reading →]]>







d2972 DineenJK RREEF and Daly City hunt for new office tenants
J.K. Dineen
Reporter- San Francisco Business Times

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In the world of Peninsula real estate, Daly City is often overlooked. After all, the city only has one Class A office building, the 600,000 square foot Pacific Plaza, which also has 20-screen cineplex and 40,000 square feet of retail and restaurants.

But Daly City wants the Bay Area real estate community to know it is open for business, and there may be more opportunities than people realize.

On Aug. 15, the city, along with Pacific Plaza owner RREEF, is holding an open house for brokers, tenants, builders, investors, and anyone else who might want to bring their business to Daly City.

Those who attend the party will learn about the second Pacific Plaza office building that is entitled, according to Brian Millar, the city’s director of economic and community development. The city wants to also highlight development opportunities next to the Colma BART station, land that is in Daly City and owned by Samtrans.

“This is a big and visable site — a couple of acres off the freeway,” said Millar. “Samtrans has expressed interest in moving ahead with moving some sort of transit-oriented development use. They have asked the city to be part of the process.”

Currently in Daly City, a Taco Bell, a CVS Pharmacy, and an 80,000-square-foot Dick’s Sporting Goods are under construction. The office portion of Pacific Plaza has a low vacancy, but the retail has three vacancies. From a vacant Blockbuster to a 4.8 acre retail site across from the Serramonte Mall, Daly City has plenty of opportunities, according to Millar.

“We want to provide a forum for brokers and developers to meet and interact so they can exchange information,” said Millar.

d2972 Facebook like us RREEF and Daly City hunt for new office tenants

J.K. Dineen covers real estate for the San Francisco Business Times.


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Article source: http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/08/daly-city-opens-door-to-office-tenants.html

]]> http://homesmillbrae.com/1651/rreef-and-daly-city-hunt-for-new-office-tenants/feed/ 0 Best Places to Build Your High-End Vacation Home http://homesmillbrae.com/1574/best-places-to-build-your-high-end-vacation-home/ http://homesmillbrae.com/1574/best-places-to-build-your-high-end-vacation-home/#comments Wed, 04 Jul 2012 08:53:52 +0000 http://homesmillbrae.com/1574/best-places-to-build-your-high-end-vacation-home/ Continue reading →]]> Page 1 of 2 | Next Page
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Hammers are coming down on the high end again, as the ritziest in real estate finally come out of hiding. Vacation homes in some of the most coveted locales are seeing price gains again, so potential buyers are now looking to builders.

The question is, where are you getting the most bang for your big bucks?

Not in Hawaii, according to a new study from real estate advisory firm Chris Pollack, Ltd, which looked at project costs per square foot in some of the swankiest summer and overall vacation destinations. The total project costs include not just construction, but building materials, architectural fees, and permitting.

Hawaii topped the list at $1300 per square foot for an ultra, high-end beach house. Malibu, California was a close second at $1,170 and Palm Beach, Florida rounded out the top three at $1,105 per square foot for the total project.

“The island locations are more expensive because of costs associated with importing materials and labor,” notes Chris Pollack. That put Nantucket, MA on the top ten most expensive list, but still lower at just $975 per square foot, according to the survey.

Labor costs are rising, up 13.8 percent from 2007 in these high-end markets, says Pollack, and that has many investors using “value engineering” to offset the costs.

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Article source: http://www.cnbc.com/id/48058654?__source=RSS*blog*&par=RSS

]]> http://homesmillbrae.com/1574/best-places-to-build-your-high-end-vacation-home/feed/ 0 Digital Realty Buys Data Center for $85M http://homesmillbrae.com/1192/digital-realty-buys-data-center-for-85m/ http://homesmillbrae.com/1192/digital-realty-buys-data-center-for-85m/#comments Thu, 05 Jan 2012 16:45:20 +0000 http://homesmillbrae.com/1192/digital-realty-buys-data-center-for-85m/ Continue reading →]]> e0eab printer icon Digital Realty Buys Data Center for $85MPrint
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3ac8f sf spear Digital Realty Buys Data Center for $85M

New data center for Digital
Realty: 360 Spear, San Francisco

SAN FRANCISCO-Digital Realty Trust Inc. has paid $85 million for a 155,000-square-foot data center in downtown San Francisco. The announcement of the Bay Area deal coincides with the purchase of a similar building in Atlanta, near the Hartsfield-Jackson Atlanta International Airport, for $63 million.

Digital Realty’s new San Francisco building has at least one obvious appeal to the publicly-traded real estate company: The data center, which is a fully leased, multi-tenant building, sits back-to-backwith the company’s existing “server farm” at 365 Main St.

The purchase gives the company a greater “critical mass” in telecommunications and colocator space in San Francisco, according to Digital Realty vice president Pamela Garibaldi. With the purchase of 360 Spear, the company currently has three telecom properties in the city, including 200 Paul. “There’s very limited data center space in San Francico,” she adds.

Although the Spear Street facility is fully leased, “there is the potential for us to convert some of the space for our growing colocation business,” Garibaldi says.

Digital Realty invests primarily in data centers, which provide space for Internet and telecommunications equipment. Typical tenants include information technology companies, Internet-related businesses, manufacturing firms and financial service firms, according to the company.

With the exception of three properties owned in joint ventures, Digital Realty currently owns 100 properties comprised of 17.9 million square feet. This also includes 2.1 million square feet for redevelopment. The company’s property holdings are located in Australia, Europe, North America and Singapore.  

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Article source: http://www.globest.com/news/12_257/sanfrancisco/industrial/Digital-Realty-Buys-Data-Center-for-85M-317085.html

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