San Francisco Business Times
From the article:
Trumark Urban is adding another neighborhood to its ambitious list of San Francisco condominium developments: Pacific Heights.
Trumark Urban is zeroing in to buy 2150 Webster St., the University of the Pacific’s dental school campus that will likely be converted to high-end condominiums.
Trumark replaces TMG Partners, which originally had the property tied up.
The 222,000-square-foot building includes a 17,000-square-foot surface parking lot — a rarity in densely settled and well-heeled Pacific Heights. The property will be vacated by the University of the Pacific in 2014 when the elite dental school finishes renovating its new campus at 155 Fifth St.
Trumark was a finalist in the first round of bidding. When TMG opted not to go forward with the deal, University of Pacific’s broker, Daniel Cressman of Cornish & Carey Commercial Newmark Knight Frank, went back to Trumark.
If it closes, the deal would represent the seventh property that Trumark is developing in San Francisco. Trumark Urban, a spinoff condo developer launched by the Trumark Cos., is working on entitling projects in Nob Hill, Hayes Valley, Mission District, South of Market and Dogpatch neighborhoods. In addition, the company is in contract on an entitled property in Cow Hollow. Trumark plans to build all of the projects as condominiums rather than apartments, and is poised to become one of the city’s biggest condo developers over the next three years. With the addition of the Webster Street property, Trumark will have more than 650 units in the pipeline.