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Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire the leasehold interest in 350 Rhode Island Street North (“350 Rhode Island North” or the “Property”), a fully leased 4-story Class A office and retail asset located in the Showplace Square submarket of San Francisco.
The City & County of San Francisco (S&P: AAA, Moody’s: Aaa) leases 78% of the Property today, NNN, increasing to 98% by the end of 2024 on a must-take basis with approximately 12 years of remaining lease term. The City & County of San Francisco offers the highest possible income security, and is one of only eight major US cities to hold the highest credit rating from both Moody’s and S&P.
The Property serves as the headquarters for San Francisco’s District Attorney and is situated between Kansas Street, 16th Street and Rhode Island Street with nearly 600 feet of frontage. The Property also provides unparalleled access to the broader Bay Area via the 16th Street BART, CalTrain and San Francisco Muni, as well as immediate proximity to recent housing, retail and office developments within the Showplace Square and SoMa submarkets and amenities such as Chase Center and Oracle Park.
With its strong investment grade tenancy providing stable cash flows for 12 years, high accessibility to various transportation sources, and proximity to the fastest growing submarkets within San Francisco, 350 Rhode Island North provides the perfect investment opportunity.
- 12 years investment grade tenancy
- Scarcity of single tenant deals with >10 years term
- AAA / Aaa S&P / Moody's credit rating
- Recent re-investment through $80 PSF city & county of SF and $20 PSF freeman XP TIA
- Pride of ownership asset
- Vibrant live, work, play location proximate to Chase Center & Oracle Park
- Upside via rapidly developing Showplace Square submarket