Colliers International Sells 22-Unit Alamo Square Building for $14.8M

Fillmore_801_10181_ForColliersDotCom

The Handsome Marina-Style Corner Apartment Building Features Panoramic Views of Downtown San Francisco and is Located a Block Away from Alamo Square Park.

SAN FRANCISCO – July 16, 2019 – Colliers International has sold 801 Fillmore Street, a 22-unit multifamily building in San Francisco’s Alamo Square neighborhood. Originally marketed at $13.7 million, the beautifully detailed apartment was sold for $14.8 million or $607 per square foot at a 3.3% cap rate. Executive Vice Presidents James Devincenti, Brad Lagomarsino and Vice President Payam Nejad represented the seller of the property. Colliers agent Medhi Star also represented the seller in the 1031 exchange acquisition of three net-lease properties following the sale.

Built in 1926, 801 Fillmore Street has been exceptionally well-maintained.  Its intricately detailed façade is a stunning example of the area’s distinguished residential architecture spanning the 1870s through the 1920s. Casual restaurants, cool shops and convenient public transportation options add to the allure of this picturesque neighborhood.

The property also features a ground floor retail space, currently occupied by neighborhood favorite bistro Alamo Square Seafood Grill.

“We were able to attract an enormous amount of interest from buyers”, said Brad Lagomarsino, “Aside from its stunning architectural design, the new owners were attracted to the property’s potential for expansion”.

James Devincenti was optimistic about the property’s future, “We estimate that the asset has up to 37% upside appreciation potential through unit conversions and the construction of accessory dwelling units”, said Devincenti.

“This transaction has been a highlight for the first half of our year so far”, said Payam Nejad, “we helped our client trade into three fantastic net-lease properties and increased his cash flow by 40.1%. We’re very proud to be our market’s top multifamily team with systems in place to help our clients accomplish their goals seamlessly”.

About Colliers International Group Inc.

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter (@Colliers) and LinkedIn.


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Payam Nejad

Vice President

San Francisco

Payam Nejad focused on selling apartment buildings in San Francisco in 2009. So far, he has participated in over $438,000,000 worth of investment property sales in over 100 transactions.

He began his career in the lending industry in 2003, as a loan officer. His work originating residential loans lead to his position as a commercial and construction loan consultant in 2005. During this period, Payam successfully represented multiple clients in their acquisitions of various types of investment and commercial properties, including apartment buildings, shopping centers, single tenant retail properties and parcels of land.

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James Devincenti

Executive Vice President

San Francisco

James Devincenti and his business partner Brad Lagomarsino lead a team of highly qualified professionals specializing in multi-family, mixed use and commercial investment sales and portfolio dispositions in San Francisco (and the Greater Bay Area). James and his business partner have sold over 650 apartment or commercial buildings, totaling over 13,650 units and valued at nearly $3.7 Billion Dollars.

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Brad Lagomarsino

Executive Vice President

San Francisco

Brad Lagomarsino and his business partner, James Devincenti, lead a team of highly qualified professionals specializing in multi-family, mixed use and commercial investment sales and portfolio dispositions in San Francisco (and the Greater Bay Area).

 

Brad’s career in commercial real estate started in 1992 in Northern California where he worked for CB Richard Ellis for 10 years prior to joining Marcus & Millichap in San Francisco, where he worked for another decade.

 

Brad is a graduate of the University of Southern California with a degree in Urban Regional Planning. He and his wife, Leslie, have two children: Ella, 15 and Robert (“Bo”), 8. In his spare time, Brad enjoys playing golf and skiing.

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