SF Business Times - Thursday, February 02, 2012
The University of the Pacific ’s Arthur A. Dugoni School of Dentistry has shed the first of its Pacific Heights properties, part of its gradual migration to downtown San Francisco.
The dentistry school unloaded 2130 Post St., a 67-unit, 100,000 square foot apartment building near its current campus. The buyer was the voracious Prado Group , a San Francisco investor and developer that has bought 25 properties in 24 months. The seven-story apartment building is a mixture of large one, two, and three bedroom units with 1:1 parking. The price was not disclosed. The Prado Group will reposition the building as a market rate apartment building.
The sale comes as the dental school builds its new campus near Fifth and Mission. In November the university closed on its $47 million purchase of a former Wells Fargo office building at 155 Fifth St. to establish a new campus in the city’s South of Market district. The building, a seven-story building with approximately 395,000 gross square feet of space, will undergo an extensive renovation and is expected to open in mid-2014. Five floors of the building will house the school of dentistry, as well as classroom space for other future university programs. The remaining two floors will be leased as premium office space.
In order to pay for the redevelopment downtown, the university is selling two properties: 2130 Post St., which has been used for student housing; and 2155 Webster, a 202,000 square foot tower that is the school's main campus.
The university was represented by Grubb & Ellis ’ San Francisco Investment Group (Daniel Cressman, Michael Taquino, and Kyle Kovac) in partnership with Alain Pinel ’s San Francisco Investment Group (Mark Bonn, Mirella Webb Terada).
J.K. Dineen covers real estate for the San Francisco Business Times.