Investors To Sell San Francisco Store Property

September 26, 2013

The German investment company that owns the property underneath the San Francisco Apple retail store is in final negotiations to sell it for almost $50 million, a record per-square foot price for properties in the area. The sale comes just weeks after Apple filed for city permits to construct a new and larger store, raising the question of what will become of the original building and its iconic architectural elements—it will be the first-ever relocation of a high-profile store. According to a San Francisco Business Times report, property owner Deka-Immobilien will sell the property to Ashkenazy Acquisition Corp., a firm that owns several east-coast properties. According to city records, Deka-Immobilien purchased the property in 1999, and it was later occupied by a Sephora cosmetics store. In 2003 Apple agreed to assume Sephora’s 10-year lease, then demolished the two-level building and built their own structure with about 13,000 square-feet of space in a basement, ground floor and partial upper level. The Apple store opened in February 2004 as one of the company’s high-profile locations. The new store should open in 2015 two blocks away on Union Square, and the original store will close. Apple will then be left with several thousand pounds of stainless steel and laminated glass to carefully dismantle, truck away and either reuse or recycle. Once the building is stripped of its exclusive Apple architecture, it’s not clear if the next tenant would occupy the existing building, or whether Apple would demolish it and the tenant would then construct their own structure.

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