Joseph J. Sitt Of Thor Equities Acquires Retail Asset From Caroline Mahl Patel For $20.5M

The retail asset involved in the transaction is located at 146 Geary Street, San Francisco, CA. The sale price for the property was $20,500,000. The building encompasses 13,000 square feet and is valued at approximately $1,577 per square foot.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $20,500,000
• Buyer: Joseph J. Sitt - Thor Equities
• Seller: Caroline Mahl Patel - Aareal Capital Corporation
• Square Footage: 13,000
• Price Per Square Foot: $1,577

This transaction marks a significant acquisition by Joseph J. Sitt representing Thor Equities, who obtained the building from Caroline Mahl Patel representing Aareal Capital Corporation. The purchase was made three years after the property was reclaimed from Acadia Realty due to a loan default, reflecting a renewed investor confidence in the Union Square market.