[caption id="attachment_95360" align="aligncenter" width="500"] Basin Street Properties bought this southern Novato building with plans to transform it into a top-quality office building. (credit: Meridian Commercial)[/caption]
NOVATO -- Basin Street Properties said it acquired a vacant 32,500-square-foot Novato office building, further expanding its portfolio with Marin County commercial real estate, and plans to transform it into top-class offices.
The Reno, Nev.-based property developer, investor and manager, through affiliate 201 ADP Investors, LLC, on May 30 purchased 201 Alameda del Prado in southwest Novato from Russell and Debra Kirschenbaum for $3.75 million.
The Kirschenbaums had owned the 29-year-old property for 14 years. Devon Publishing Group at one point had hundreds of employees in the building then moved several years ago.
Basin Street's last Marin acquisition was last October with Shoreline Office Center, a nearly 100,000-square-foot bayside complex near Mill Valley. Before a $263 million portfolio sale in 2005, Basin Street had purchased one Novato office building and constructed another.
"This property is precisely the kind of acquisition at which Basin Street excels,” said Matt White, CEO for Basin Street Properties. "We look forward to returning this classic Marin County complex to its former status."
The company plans to spend more than $2.5 million on building upgrades, including changes to landscaping, interior common areas and energy-efficient building control systems. The structure already has an energy-management system.
The building is located on 2.17 acres directly at the southbound exit of Novato's southernmost Highway 101 interchange. Basin Street noted a number of attractive property amenities: a number of trees, ample parking, operable windows, rooftop decks, outdoor patios, energy management system, options for signage that's visible from the freeway, close-by Golden Gate Transit stops and trails for biking and hiking, and nearby Wild Fox restaurant and Best Western hotel.
Matt Brown of Meridian Commercial represented Basin Street in the purchase.