Insurance Company Sells 148,832-SF Power Center

SAN FRANCISCO-Northwestern Mutual Life Insurance Company has sold the 555 Ninth Street Retail Center, a 148,832-sf power/promotional center located at Ninth and Bryant in San Francisco. The buyer was SPI Holdings LLC, a San Francisco-based private investment firm headed by Dennis Wong, with substantial commercial real estate holdings in the San Francisco Bay Area and the Boston area.

BT Commercial SVP Dan Wald, who represented SPI in the transaction, tells GlobeSt.com that the asking price was $45 million and there were 14 qualified buyers, none of which bid more than 10% below the asking price. Due to a confidentiality agreement, Wald declined to provide the exact purchase price.

The property, anchored by Bed, Bath and Beyond, Trader Joe’s, Pier 1 Imports and Nordstrom Rack, was 100% leased at time of sale. “The seller received multiple competing qualified offers from both institutional and local investors through a date-certain bid process,” says Wald. “As a result, Northwestern had the luxury of selecting a buyer that was motivated and qualified to close quickly at a very attractive price. In fact, from bid date to closing took less than six weeks.”