TIBURON -- Two North Bay commercial property investment companies purchased 10 downtown Tiburon buildings with 72,000 square feet of retail and office space from a major force for real estate development in the town more than a half-century ago.
ACV Argo Tiburon, LP, a joint venture between A&C Ventures, Inc., of Sonoma and Argonaut Investments, LLC, of Corte Madera, acquired the properties on Dec. 14. The seller was MSP Tiburon LP, overseen by Barbara Abrams, a longtime town resident and daughter of Fred Zelinsky. Operator of giant painting contacting company D. Zelinsky and Sons, he purchased much of the property along Main Street and what is now Tiburon Boulevard in 1956, according to writings of historians Branwell Fanning and Matthew Stafford.
The other half of Mr. Zelinsky's Tiburon portfolio is held by daughter-in-law Laleh Zelinsky, according to Matt Howarth, A&C Ventures chief operating officer.
The purchase price wasn't disclosed."This is a special opportunity to acquire a unique group of properties in a town like Tiburon," Mr. Howarth said. "We look forward to working together with our tenants, town officials and the community to help in the revitalization of downtown Tiburon."
The recently acquired Tiburon portfolio is 87 percent occupied by tenants such as Guaymas and Servino Ristorante, Tiburon Playhouse, Shark’s Deli, Bank of America, New Morning Cafe, Union Bank and Sotheby’s. Also part of the purchase are two parking lots, key to the retail properties because of a shortage of parking in the town, particularly during peak season for ferries to leave for tours of Angel Island, according to Mr. Howarth.
In addition to maintenance such as new roofs and paint, the new owners plan to work with town government and business organizations on the forthcoming downtown revitalization plans.
A&C Ventures (707-935-3700, acventures.com) has a portfolio of 130 mostly single-tenant properties nationwide. Argonaut Investments (415-945-2470, argoinvest.com) owns and manages 18 retail centers throughout the western U.S. This is the fourth joint venture in the last two years for the two companies.