SAUSALITO -- A relatively large amount of commercial space is on the market for sale in southern Marin County.
San Diego-based Westcore Properties, LLC, is marketing the remaining nearly 113,000 square feet of industrial and office space it acquired in the Marinship industrial district of north Sausalito.
In February 2008, Westcore Marin, LLC, purchased 135,000 square feet in 11 buildings along Colma Street between Bridgeway and Gate Five Road at the north end of what once was the Marinship Corp. shipyards. Called Mariner's Landing, it was purchased from developer and owner Marin Freeholders LP for $26 million.
"Westcore is looking to make a return on investment after they have stabilized the core of the portfolio," said Trevor Buck one of the San Rafael-based Cassidy Turley agents marketing the property.
A stabilized property is one in which there is sufficient occupancy and rent income. Mariner's Landing is more than three-quarters leased.
In November of last year, a 22,000-square-foot industrial-flex building at 415 Colma St. to the San Francisco-based June M. Woodger Trust in November for $5.64 million, or $256 a square foot, for the benefit of occupant Sausalito Mini Storage.
Westcore is taking bids on the mostly full buildings, but vacant or mostly vacant ones are being priced for owner-users, Mr. Buck said. For example, a 5,000-square-foot, two-story vacant office building at 150 Colma is being marketed for $3.5 million, including three-quarters-occupied 7,000-square-foot warehouse building at 170 Colma on the same parcel.
"Southern Marin County has very few buildings for the user market to pick up," Mr. Buck said.
[caption id="attachment_56116" align="alignleft" width="350" caption="This building is among nearly 113,000 square feet of north Sausalito industrial and office buildings Westcore Properties is selling. (credit: Cassidy Turley)"][/caption]
Commercial space in Sausalito is limited. The industrial vacancy rate is about 1 percent and around 11 percent for office space. Adoption of the mid-1980s city Marinships Specific Plan restricted new office space to retain the industrial character of the area amid office building construction.
Westcore controls more than $1 billion in commercial real estate in the U.S. It acquired its second largest North Bay commercial property in January 2011, paying $30 million for Napa Airport Centre, a 257,000-square-foot south Napa industrial complex.
Also marketing the property are Bryan Vidinski and Brian Foster of Cassidy Turley.Mariner's Landing properties for sale150 and 170 Gate Five Rd., 12,000 square feet200 Gate Five Rd., 26,000 square feet401-413 Coloma St. and 310 Gate 5 Rd., 23,023 square feet441-475 Coloma St., 23,706 square feet2660 Bridgeway, 2,700 square feet2656-2658 Bridgeway, 24,850 square feet