Embattled e-cigarette maker Juul is taking another stab at selling a SoMa high-rise following a failed attempt to offload the building in 2020. building at 123 Mission St. hit the market this week. Real estate firm Newmark is handling the listing.$397 million— more than $1,000 per square-foot — when it purchased the 1980s-era building from Northwood Investors in 2019. It sought in the ballpark of $450 million when it listed 123 Mission for sale a year later.
A lot has changed since then. According to my sources, the current price guidance for the building has landed at roughly $450 per square foot, or $174 million. Juul did not respond to messages seeking comment on Thursday. A market insider who asked not to be identified to preserve relationships said the deal is complicated by a CMBS loan, and that Juul will take"
a massive loss" on the property — if the company can sell it. Two office properties that hit the market earlier this summer — Wells Fargo's374,203-square-foot building at 455 Market St. — Wells Fargo sought about $160 million for its building while UBS sought $280 million. Both properties are located in San Francisco's Financial District, as is 123 Mission.
A sale of the Juul building would set the tone for pricing moving forward, according to local real estate experts, who say the market is in a new environment with high interest rates, high post-pandemic vacancies and a lack of comps, or financial metrics.
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La source: SFBusinessTimes - 🏆 78. / 68 Lire la suite »
La source: SFBusinessTimes - 🏆 78. / 68 Lire la suite »