[caption id="attachment_21051" align="aligncenter" width="448" caption="Fair-Anselm Plaza is located between Fairfax and San Anselmo in Marin County. (LRG Capital Group photo)"][/caption]
FAIRFAX -- LRG Capital Real Estate Partners I Fund, managed by a commercial real estate investment subsidiary of Larkspur-based LRG Capital Group, acquired the 66,100-square-foot Fair-Anselm Plaza retail and office center.
The investment fund, acting as Fairfax Center Properties LLC, on Monday entered into a lease agreement with an option to purchase the 40-year-old shopping center from Fair-Anselm Center Inc., according to LRG Capital Group and public records.
“This transaction provided us with a unique opportunity to acquire a well‐located asset at a significant discount to replacement cost and presents a great opportunity to further establish Fairfax as a desirable place to live, work and socialize,” said Larry Goldfarb, LRG chief executive officer and founder.
The center's 22,000-square-foot anchor-tenant space was last occupied by an Albertson's grocery store in 2006.
Current tenants include the U.S. Postal Service in one building plus Iron Springs Pub and Brewery, Sunshine Bicycles and Fairfax Health Club. The center also has 11,500 square feet of second-floor office space in two of four buildings on the property, according to an LRG spokeswoman.
The center is located on Center Boulevard between the Marin County towns of Fairfax and San Anselmo.
Other local properties in LRG Capital Real Estate Partners I Fund, managed by LRG Capital Real Estate Ventures, are 851 Irwin St. and 220 Canal St. in San Rafael, 505A San Marin Dr. and 384 Bel Marin Keys Blvd. in Novato, and The Brick Kiln at 125 E. Sir Francis Drake Blvd. in Larkspur.