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A joint venture between DPW Real Estate Investments and TRA Investments has come together to acquire the 40,000 square foot mixed-use building in San Francisco located at 2001 Van Ness Avenue for $12.15 million (around $304 per square foot), according to information provided by the new ownership.

The future plans for the property include over $2 million worth of capital expenditure projects at the property. The improvements made to the property will include a complete face lift on the building exterior, a major redesign of the 3rd and 4th floors to optimize the use of the space, modernization of the common areas to improve access and egress and enhanced mechanical systems, lighting and controls to improve energy efficiency, aesthetics and air quality.

The property and construction manager on the renovation will be overseen by San Francisco-based Paramount Property Company and its president Christian Diggs.

Read the full story at The Registry.