Marin County's Hamilton Landing fetches $115M in sale of 406,000sf office complex

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A Southern California-based real estate investor has purchased one of Marin County's largest office properties and a redevelopment success story, paying $115 million, brokers of the deal announced Wednesday.

KW Hamilton Landing LLC, an affiliate of Kennedy Wilson of Beverly Hills, bought the Hamilton Landing complex in southeast Novato on Nov. 4 for the equivalent of nearly $283 for each of the 406,468 leasable square feet in the seven existing class A office buildings, according to real estate company JLL and public records. Seller HL Novato LLC, a joint venture of ScanlanKemperBard Companies and Independencia Asset Management, had purchased the property in 2015 for $84 million, the Business Journal reported at the time.

Hamilton Landing was 92.3% occupied at the time of sale, according to the announcement.

It's the second Marin County office property cashout this year for ScanlanKemperBard, which in August sold the 101,000-square-foot, two-building Belvedere Place complex in Mill Valley for nearly $67.1 million, or well over $600 a square foot, according to Newmark Knight Frank's quarterly report and public records. The Portland, Oregon-based company was part of a venture that had purchased Belvedere Place in late 2016 for about $48 million.

The Mill Valley property was fully leased at the time of sale, with coworking startup WeWork occupying 40% of the space, according to Newmark Knight Frank. The San Francisco-based coworking center startup has encountered financial challenges in recent months, resulting in a scuttled initial public offering, layoffs of 17% of the workforce and new top management.

Newmark Knight Frank expects more Marin office investor deals in the fourth quarter, suggesting "continued strong demand." JLL's latest Marin report noted that "investors express firm interest in the market," with sales in the county in the first three quarters up 80% from the pace a year before.

The Hamilton Landing property was part of the former Hamilton Landing Air Force Base, which was built in the 1930s. Barker Pacific worked with Novato to redevelop the decommissioned airfield and in 2000-2001 converted the aircraft hangars into high-tech, energy efficient two-story office buildings. The site of Hangar 8 has been pursued under previous ownership for a project to build a two-story, 56,000-square-foot office building.

Publicly owned Kennedy Wilson (NYSE: KW) owns, operates and invests in multifamily and office properties in the western U.S., United Kingdom and Ireland. Investments include two North Bay senior apartment complexes, according to its website: Vintage at Bennett Valley in Santa Rosa and Vintage at Napa.

Brokering the sale of Hamilton Landing for HL Novato were Gerry Rohm, Michael Leggett and David Dokko of JLL Capital Markets.

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