Kilroy Realty Expands San Francisco Flower Mart Project Site
Kilroy Realty Corporation KRC announced the acquisition of an additional site for its San Francisco Flower Mart project that it owns in the center of the South of Market or SoMa neighborhood. Specifically, the company acquired an around 1.75 acre site right next to the Flower Mart development site.
Kilroy shelled out approximately $31 million in cash and 867,701 Kilroy Realty, L.P. operating partnership units for acquiring the site from a private family. The acquisition brings about seven acres on Brannan Street between 5th and 6th Streets under Kilroy’s ownership.
Kilroy has plans to build a high quality office, retail and a flower mart project including around 2.1 million square feet of office and retail space, upon city approval. Notably, the site already houses a flourishing wholesale flower market and the company has plans to redevelop it.
Adding this site seems a strategic fit for the company because the project marks one of the biggest leftover commercial development opportunities in the downtown area of the city. Being positioned near the 4th and Brannan stop of the future Central Subway along with a corner location, the site has scope for substantial market presence.
Kilroy Realty is engaged in owning, developing, acquiring and managing real estate assets in West Coast real estate markets. The company’s stabilized portfolio aggregated 13.0 million square feet of office properties as of Dec 31, 2015. These properties are located in the coastal regions of greater Seattle, the San Francisco Bay Area, Los Angeles, Orange County and San Diego.
Kilroy currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like Boston Properties Inc. BXP, Prologis, Inc. PLD and PS Business Parks Inc. PSB. Each of the three stocks holds a Zacks Rank #2 (Buy).
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