Newmark Capital Markets is pleased to announce the sale of a premier urban parking garage located at San Francisco’s historic Fisherman’s Wharf. The highly-coveted structured parking garage is located at 350 Beach Street.
Newmark Capital Markets Vice Chairman Nicholas Bicardo, Director Brandon Rogoff, and Associate Director Bryce Holman represented the seller, a private family, in the transaction to the buyer, Stockdale Capital Partners.
350 Beach Street Garage was put on the market by the owner for the first time in 35 years. It comprises six levels and accommodates 241 stalls with additional ground floor retail that is occupied by Enterprise Rent-A-Car and El Farolito Taqueria. The property’s prime Fisherman’s Wharf location makes it a unique potential long-term redevelopment opportunity.
“350 Beach Street Garage maintains tremendous upside once the new owner takes back operations of the garage from the current operator,” said Rogoff. “The garage also represents an exceptional covered land play where the existing income and location are rock solid, and the current zoning provides for several different exit strategies.”
350 Beach Street is located in the heart of Fisherman’s Wharf, one of the world’s premier shopping and tourist destination. The Wharf generates tremendous parking demand from tourists and locals looking to enjoy the distinctive maritime setting.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; Newmark Capital Markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.