Strictly Commercial (Excerpt)
San Francisco Chronicle
Written by Staff Writer
May 15, 2007
Sales
Housing planned for Fifth Street parcel
Avant Housing LLC, a new $400 million real estate venture between AGI Capital, TMG Partners and the California Public Employees' Retirement System, has acquired a building at 260 Fifth St. in San Francisco that once housed Bill Graham Presents' offices.
The price for the 41,250-square-foot structure, which will be torn down, was $8.75 million.
A two-story concrete building and parking lot are now on the site. Avant says the deal is the "first acquisition for a planned urban-infill mixed-use housing development" on the site.
For the past decade, the building was occupied by Bill Graham Presents, which is now owned by LiveNation.
Preliminary plans for the site include between 115 and 151 residential units, retail space and possibly a restaurant, Avant said.
Anton Qiu of TRI Commercial represented Avant Housing. Mike Brown and Bill Benton of Newmark Knight Frank Real Estate Advisors represented the seller, LiveNation.
Avant, founded in 2006, is a joint venture partnership of AGI Capital, a San Francisco real estate development company, and TMG Partners, one of the Bay Area's largest mixed-use property developers.