[caption id="attachment_44265" align="alignright" width="300"] The seven-building Madera Vista multifamily development overlooks Corte Madera, Tiburon and San Francisco Bay. (Aimco photo)[/caption]
Denver-based Apartment Investment and Management Co. (NYSE: AIV) is betting about $65 million on the renovation of the 126-unit vacant apartment complex in Corte Madera, amounting to $516,000 a unit.
The real estate investment trust purchased Madera Vista for $43.6 million, or $346,000 per dwelling, on Aug. 17 from affiliates of Boston-based The Rockpoint Group and New York-based Stellar Management and plans to spend another $21.4 million in renovations.
"Madera Vista is in an irreplaceable location in a target market where we are working to increase our capital allocation," said Terry Considine, chairman and chief executive officer of Aimco. "Redevelopment is a core business activity for Aimco, which makes this an opportunity well-suited to Aimco."
The company wants to begin the project early next year, Aimco reported recently. The company owns and operates 607 multifamily properties in 38 states, the District of Columbia and Puerto Rico.
One of the seven Madera Vista buildings was destroyed in a 2008 fire, according to real estate trade publication The Registry. The previous owners fixed up the property and converted to condominiums, but no units were sold.***
[caption id="attachment_44276" align="alignleft" width="328"] Rowland Plaza has just 3,500 square feet to lease. (Cornish & Carey Commercial Newmark Knight Frank photo)[/caption]
Barker Pacific Group and Rockwood Capital had been marketing the 168,000-square-foot Rowland Plaza office and retail property in Novato for sale but have decided to retain the property and refinance it.
A prospective buyer walked away before the deal closed, according to Brian Eisberg, one of the Cornish & Carey Commercial Newmark Knight Frank agents marketing the property.
The property was purchased in 2009, reportedly for $250 a square foot. At that time, the retail space was full, but only three-quarters of the office space was leased, Mr. Eisberg said. Now, all of the larger 75 Rowland Way building is leased, and only 3,500 square feet remains to lease in the 60,000-square-foot 88 Rowland building.
That success is chalked up to a change in zoning secured for the property to allow medical offices, according to Mr. Eisberg.***
Speaking of rezoning for medical uses, the San Rafael City Council approved a change in zoning for 68,000 square feet of San Rafael Corporate Center to allow medical offices or a small clinic.
Owners of the development, San Rafael-based Seagate Properties and the asset-management division of New York-based JPMorgan Chase & Co., don't have a specific tenant in mind for this change, but this is a prudent move to fill the office space, according to Wick Polite, Seagate president.
"Job growth is key to the economy, and one of the growing sectors is medical use in Marin," he said.***
After Lowe's Home Improvement last month backed out as anchor tenant of the 36.5-acre Deer Creek Village mixed-use project in Petaluma, developer Merlone Geier Partners of San Francisco has been in talks with similar retailers to fill the same proposed footprint.
"We're in discussion with all home-improvement uses," said Greg Geertsen, a managing partner of Merlone Geier.
Key prospects are Santa Rosa-based Friedman's Home Improvement and The Home Depot, he said.
The Petaluma Planning Commission in early January is set to consider the latest round of comments on the environmental impact report for the 346,000-square-foot project. Any recommendation from the commission would go to the City Council potentially in February.***