San Francisco-based property owner and developer Union Property Capital has made an office building buy across the Golden Gate Bridge with the purchase of a 2-building office campus in San Rafael for $28 million. The property, known as Civic Center Plaza, was sold by Broadreach Capital Partners in a deal arranged by JLL's Capital Markets experts. Broadreach originally acquired the property in March 2007 for $25.5 million from a group of local investors. Holliday Fenoglio Fowler, L.P. (HFF) arranged acquisition financing on behalf of Union Property Capital and its joint venture partner, an unnamed high-net-worth investor, with USAA Real Estate Company on behalf of an affiliate.
"We've seen a notable increase in interest in the North Bay from investors across the spectrum, including public and private, local and global," said JLL Managing Director Michel Seifer in a prepared statement on the sale. "The sales of Larkspur Landing in January, 1 & 3 Harbor Drive in Sausalito in February, and now Civic Center in San Rafael, show strong evidence of the increasing institutional appeal of the region."
Located at 3900 & 3950 Civic Center Drive, the 93,535 square foot office campus that sits a block from Northgate Mall and next door to the County of Marin offices was originally developed in 1989 and later renovated in 2011. Civic Center Plaza was 96% leased at the time of sale with major tenants including Autodesk Inc., a Fortune 1000 software designer well known for its AutoCAD software, and Marin General Hospital. The property is also located near US Highway 101, which serves as the main thoroughfare from San Francisco to Sonoma and Napa counties in California as well as a new Sonoma-Marin Area Rail Transit (SMART) light rail station which is slated to open this year. Civic Center Plaza is LEED Silver certified and has enjoyed stable occupancy throughout its history.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment