Marin County office complex purchase for $53M expands Seagate Properies portfolio
A Marin County commercial property investor and developer has purchased a 114,000-square-foot office complex at the southern end of the county.
The Harbors is a two-building campus at 1 and 3 Harbor Drive in Sausalito sold Wednesday to an affiliate of San Rafael-based Seagate Properties by an investment group overseen by Boston-based The Roseview Group. Sources with knowledge of the transaction said the deal value was around $53 million, or roughly $465 a square foot. It hadn’t been recorded at county offices by mid-day Thursday.
“We are excited to add this multi-tenant asset to our growing portfolio of properties throughout the Bay Area, and look forward to continued capital improvements and enhancing tenant amenities to attract new tenants to this incredible seaside office campus which is just a ferry ride to downtown San Francisco,” said Wick Polite, partner of Seagate, in the announcement from JLL, which brokered the deal.
Seagate’s portfolio includes about 2,500 apartments in the Denver area and roughly 2.5 million square feet of commercial, office, retail and industrial space in the San Francisco Bay and Sacramento areas. In August and December, a Seagate holding bought 360,000 square feet of Sacramento-area office space.
Seagate also is seeking a green light from San Rafael to build a six-story housing and retail project at 703 Third St. and 898 Lincoln Ave., next to the transit center, according to the Marin Independent Journal.
The seller was One/Three Harbor Investors LLC, an investment of Roseview-PMRG Fund I LLC. The first deal for the $250 million discretionary fund, created by Roseview and Houston-based PM Realty Group, was the purchase of the Harbor Drive property in 2016, according to Commercial Property Executive magazine. That $34.8 million transaction was one of multiple North Bay divestitures in 2011–2016 by Equity Office Properties affiliates, the Business Journal reported.
The Sausalito property was 81% leased at the time of sale. Tenant include Aperio Group, Regus, Prima Medical and Waggl. It was built in 1982, and Roseview-PMRG Fund I spent $1.3 million renovating it last year to Gensler architectural designs, according to The Registry SF.
Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson of JLL represented Roseview-PMRG Fund I. John Manning, Alex Witt and Tom Gilliland of JLL arranged acquisition financing for Seagate.
Jeff Quackenbush covers wine, construction and real estate. Contact him at firstname.lastname@example.org or 707-521-4256.