News
Harbert U.S. Real Estate Sells San Francisco Office Building for $61.3 million
Birmingham, Alabama, July 11, 2014 – Harbert United States Real Estate Fund V (“HUSREF V”) announces its most recent disposition marking the first exit in Fund V. Bethesda, MD-based ASB Real Estate Investments has purchased 989 Market Street, a 111,497-square-foot class A office building, through ASB’s Allegiance Real Estate Fund, a $3.5 billion core vehicle. At a price of $61.25mm, the sale resulted in a 50% IRR and 1.9x multiple to HUSREF V. The sales price equates to a pro forma year 1 cap rate of 4.2% and price per square foot of $550.
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