Singapore’s Ascendas Real Estate Investment Trust, or Ascendas REIT, recently purchased two buildings in San Francisco for $572 million. Alexandria Real Estate Equities (ARE) and TMG Partners are on the other end of the move, parting with their partnered ownership of 505 Brannan Street and 510 Townsend Street in the SoMa neighborhood. This transaction follows the pair’s recent success in selling the 945 Market Street mall to Ikea. The deal marks Ascendas’ introduction to the Bay Area real estate market.
A new 6-story building will be constructed on 2976, Mission Street, San Francisco, creating 8 new residential units. The proposal includes demolition and new construction of a mixed-use building with commercial space at the ground floor. The existing 2 story story facade will be maintained, refurbished, and incorporated into the new construction. Elevation Architects is managing the project.
Plans for a new twenty seven-story development at 469 Stevenson Street have recently been brought to the public’s attention by an informational presentation to San Francisco’s Planning Commission. The tower will rise 274 feet high in SoMa. Inside, over half a million square feet will bring 495 new houses to market. San Francisco-based BUILD is responsible for the development.
995 East Santa Clara Street has been purchased by the Bay Area-based First Community Housing residential developer for $5.5 million. The East Bay Times reports that the purchase brings FCH a step closer to realizing a 125-unit affordable housing structure on an 18,300 square foot parcel near downtown San Jose. The project benefits from San Jose’s General Plan 2040 Urban Village zoning.
Permits have approved a new construction on 2312 Vicente Street, Sunset Boulevard, San Francisco. The project site is 54.5 feet by 75 feet rectangular lot located on a block bounded by Vicente Street 35th Ave, Ulloa Street, and 34th Ave. Currently, the plot holds a 1-story church built in 1950. The proposed project would demolish the existing church, subdivide the lot into two 2,043.75 square feet parcels and construct a 3-unit building on each lot. Schaub Ly Architects is managing the project.