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A $60 Million Garage?
While reading over an April issue of the San Francisco Business Times, an article by J.K. Dineen and Blanca Torres caught my eye. The largest commercial real estate deal had just been executed by Menlo Park-based Garlock & Co. A shopping center, industrial park, you say? No, actually, a garage.
This parking garage at 225 12th St. in San Francisco’s Civic Center area “has 875 spaces and is the largest private garage in the city”, says William Garlock. “This garage would cost $60 million to replace.” He bought it at a cool $14 million.
Garlock plans to convert it to a green building including plugs for electric cars, possibly a green laundromat and of course, solar power. This garage would now cater to the public at large, whereas it formerly was mainly BofA employees.
To read the entire article plus more on commercial real estate deals, please go to http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/04/06/newscolumn1.html
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