, Old Navy to close 72K sf flagship store in SoMa – Robert Khodadadian, Robert Khodadadian
Old Navy to close 72K sf flagship store in SoMa - Robert Khodadadian <!-- wp:html --><p>Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship.</p> <p>San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market,<a href="https://www.bizjournals.com/sanfrancisco/news/2023/05/26/gap-old-navy-flagship-closing-san-francisco-market.html?utm_source=st&utm_medium=en&utm_campaign=BN&utm_content=fr&ana=e_fr_BN&j=31609669&senddate=2023-05-26"> the San Francisco Business Times reported.</a> The store will go dark July 1.</p> <p>A Gap spokesperson said it’s looking into opening an Old Navy somewhere else in Downtown.</p> <p>“Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed,” the company representative told the Business Times in an email. “We are already working to identify new locations in Downtown San Francisco that will better serve the needs of the business and our customers.”</p> <p>The move will end Old Navy’s 24-year run at the corner of Market and Fourth streets, where it opened in 1999. The owner of the 116-year old Pacific Building is Miami-based Ponte Gadea California, an affiliate company of Spanish billionaire Amancio Ortega, founder of Zara. </p> <p>In 2020, the landlord <a href="https://www.bizjournals.com/sanfrancisco/news/2020/06/12/old-navy-sued-for-unpaid-rent.html">sued Gap for $1 million in unpaid rent</a>, according to the Business Times.</p> <p>The closure comes after Gap <a href="https://therealdeal.com/sanfrancisco/2023/05/25/banana-republic-closes-up-shop-at-westfield-mall-in-sf/">shuttered a Banana Republic last month</a> at Westfield San Francisco Centre in South of Market. The store opened at the mall in 2009.</p> <p>The company said the darkened store was part of a plan to close 30 percent of Gap and Banana Republic stores. Gap is also laying off 1,800 workers</p> <p>Banana Republic is moving its flagship store from 256 Grant Avenue to a<a href="https://therealdeal.com/sanfrancisco/2022/11/17/gap-to-return-to-sfs-union-square-after-two-year-absence/"> smaller store at 152 Geary Street</a> in Downtown. Gap has closed stores on 890 Market Street, in Embarcadero Center and Stonestown Galleria. It also closed its Athleta store in Union Square.</p> <p>The retail tumult at Gap follows dozens of stores that have shut their doors or will soon close in Union Square and around Powell Street, including<a href="https://therealdeal.com/sanfrancisco/2023/05/11/coco-republic-to-leave-sf-seven-months-after-opening-in-union-square/"> Coco Republic</a>,<a href="https://www.sfgate.com/local/article/saks-off-5th-san-francisco-closure-18000980.php"> Saks Off 5th</a>, Uniqlo, H&M and<a href="https://www.sfgate.com/essays/article/sf-union-square-anthropologie-closing-17915515.php"> Anthropologie</a>. The closure of a<a href="https://therealdeal.com/sanfrancisco/2023/04/12/whole-foods-closes-flagship-store-in-sfs-mid-market/"> Whole Foods Market</a> last month drew national headlines. </p> <h4 class="ReadMoreSection_title">Read more</h4> <div> <div class="CategoryCityLabel_categoryCityLabelWrapper"> <div class="CategoryCityLabel_cityLabel CategoryCityLabel_cityLabel-sanfrancisco"> San Francisco </div> </div> <p> <a class="ArticleTile_articleTile" href="https://therealdeal.com/sanfrancisco/2023/05/25/banana-republic-closes-up-shop-at-westfield-mall-in-sf/"><br /> <span class="ArticleTile_articleTileTitle ReadMoreArticle_tileTitle">Banana Republic closes up shop at Westfield mall in SF</span><br /> </a></p> <div class="CategoryCityLabel_categoryCityLabelWrapper"> <div class="CategoryCityLabel_cityLabel CategoryCityLabel_cityLabel-sanfrancisco"> San Francisco </div> </div> <p> <a class="ArticleTile_articleTile" href="https://therealdeal.com/sanfrancisco/2023/05/02/nordstrom-to-close-two-stores-in-downtown-san-francisco/"><br /> <span class="ArticleTile_articleTileTitle ReadMoreArticle_tileTitle">Nordstrom to close two stores in Downtown San Francisco</span><br /> </a></p> <div class="CategoryCityLabel_categoryCityLabelWrapper"> <div class="CategoryCityLabel_cityLabel CategoryCityLabel_cityLabel-sanfrancisco"> San Francisco </div> </div> <p> <a class="ArticleTile_articleTile" href="https://therealdeal.com/sanfrancisco/2023/05/05/san-francisco-takes-first-step-toward-fixing-downtown-admitting-the-problem/"><br /> <span class="ArticleTile_articleTileTitle ReadMoreArticle_tileTitle">San Francisco takes first step toward fixing downtown: Admitting the problem</span><br /> </a> </p></div> <p>After 35 years, <a href="https://therealdeal.com/sanfrancisco/2023/05/02/nordstrom-to-close-two-stores-in-downtown-san-francisco/">Nordstrom, prepares to slip away</a> from the Westfield mall, with other stores at risk of leaving at the end of their leases. A Nordstrom Rack will soon close across the street.</p> <p>The departing businesses blamed falling foot traffic in the <a href="https://therealdeal.com/sanfrancisco/2023/05/05/san-francisco-takes-first-step-toward-fixing-downtown-admitting-the-problem/">era of empty offices and remote work</a>, a drop in tourists, a rise in online shopping and concerns about public safety and deteriorating street conditions.</p> <p><em>— Dana Bartholomew</em></p> <p>The post <a href="https://therealdeal.com/sanfrancisco/2023/05/26/old-navy-to-close-72k-sf-flagship-store-in-soma/">Old Navy to close 72K sf flagship store in SoMa</a> appeared first on <a href="https://therealdeal.com/">The Real Deal</a>.</p> <p> Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship. San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1. A Gap<br /> The post Old Navy to close 72K sf flagship store in SoMa appeared first on The Real Deal.  Uncategorized, 801 Market Street, Commercial Real Estate, Gap, Old Navy, San Francisco, South Of Market The Real Deal </p> <p> Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.</p> <p>Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.</p><!-- /wp:html --> Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship. San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1. A Gap The post Old Navy to close 72K sf flagship store in SoMa appeared first on The Real Deal. robert khodadadian Skyline Properties New York City Real Estate Commercial Real Estate Investment Properties Property Development Real Estate Brokerage Office Space Retail Space Residential Real Estate Real Estate Investing Property Management Real Estate Services Real Estate Transactions Real Estate Market Analysis Commercial Property Sales Real Estate Acquisitions Real Estate Consulting Property Valuation Real Estate Investment Trusts (REITs) Property Listings Real Estate Portfolio Management Real Estate Finance Property Leasing Real Estate Negotiation Real Estate Contracts Real Estate Law Real Estate Industry News ground leases office buildings commercial buildings apartment buildings townhouses mixed use investment building mixed use user buildings live plus income buildings industrial properties off market real estate daniel shirazi new york real estate real estate investment

Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship.

San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1.

A Gap spokesperson said it’s looking into opening an Old Navy somewhere else in Downtown.

“Since our Market Street store opened in the 1990s, the way we leverage flagship locations has changed,” the company representative told the Business Times in an email. “We are already working to identify new locations in Downtown San Francisco that will better serve the needs of the business and our customers.”

The move will end Old Navy’s 24-year run at the corner of Market and Fourth streets, where it opened in 1999. The owner of the 116-year old Pacific Building is Miami-based Ponte Gadea California, an affiliate company of Spanish billionaire Amancio Ortega, founder of Zara. 

In 2020, the landlord sued Gap for $1 million in unpaid rent, according to the Business Times.

The closure comes after Gap shuttered a Banana Republic last month at Westfield San Francisco Centre in South of Market. The store opened at the mall in 2009.

The company said the darkened store was part of a plan to close 30 percent of Gap and Banana Republic stores. Gap is also laying off 1,800 workers

Banana Republic is moving its flagship store from 256 Grant Avenue to a smaller store at 152 Geary Street in Downtown. Gap has closed stores on 890 Market Street, in Embarcadero Center and Stonestown Galleria. It also closed its Athleta store in Union Square.

The retail tumult at Gap follows dozens of stores that have shut their doors or will soon close in Union Square and around Powell Street, including Coco Republic, Saks Off 5th, Uniqlo, H&M and Anthropologie. The closure of a Whole Foods Market last month drew national headlines. 

Read more

After 35 years, Nordstrom, prepares to slip away from the Westfield mall, with other stores at risk of leaving at the end of their leases. A Nordstrom Rack will soon close across the street.

The departing businesses blamed falling foot traffic in the era of empty offices and remote work, a drop in tourists, a rise in online shopping and concerns about public safety and deteriorating street conditions.

— Dana Bartholomew

The post Old Navy to close 72K sf flagship store in SoMa appeared first on The Real Deal.

 Downtown San Francisco has sustained another retail hit with the pending closure of an Old Navy flagship. San Francisco-based Gap, parent company of Old Navy, plans to close Old Navy’s 72,400-square-foot store at 801 Market Street, in South of Market, the San Francisco Business Times reported. The store will go dark July 1. A Gap
The post Old Navy to close 72K sf flagship store in SoMa appeared first on The Real Deal.  Uncategorized, 801 Market Street, Commercial Real Estate, Gap, Old Navy, San Francisco, South Of Market The Real Deal 

Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

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