Multifamily / Mixed-Use
3333 California
Transaction Highlights
Size: 744 residential units; 35,000 sq. ft. retail
Use: Residential/Retail
Neighborhood: Laurel Heights, Presidio Heights, Pacific Heights, SF

  • Site is currently improved with a 360,000 sq. ft. office building and 550 parking spaces
  • Structured the transaction to include a fully-prepaid 99-year ground lease with a space leaseback to UCSF with unilateral termination right
  • Entitle, recap, develop, sell condos, maintain apartments and retail
  • Secured the site in a competitive RFP process with more than 20 national and international development firms
  • Restructured transaction to convert speculative development and entitlement into a credit tenant leased investment with 10-year lease back and unilateral termination right under a 5.5% return on cost for covered land
  • Obtained approval from the California Governor for AB900 project streamlining as an environmental leadership project
  • Secured over 1,000,000 sq. ft. in entitlement from a 363,000 existing building
  • Obtained up to 92 foot heights in rezoning in 40 foot height zone
  • Entitled site with unanimous approval from the Planning Commission and Full Board of Supervisors for 15 buildings containing 744 units, including 558 market-rate condos and apartment homes
  • Prado Group is currently in the process of recapitalizing the project for vertical development