From sales of large office complexes in Marin County to huge warehouse leases in Solano and Napa counties to sizable moves by retailers along the Highway 101 corridor, North Bay Business Journal details some of the most significant transactions that are shaping the counties north of the Golden Gate in the past 12 months.
405,000 square feet of existing office space
A Portland, Ore.-based investment fund managed by ScanlanKemperBard Companies in mid-July purchased the Hamilton Landing redevelopment of former aircraft hangars into trendy high-end office space in Novato for $84 million.
That’s the largest of recent string Marin County deals totaling more than 2 million square feet of local offices already sold or about to close escrow over roughly a year and a half, according to Haden Ongaro, head of Newmark Cornish & Carey’s North Bay commercial real estate brokerage.
1650 Los Gamos Dr., San Rafael
148,000 square feet of office space
Kaiser Foundation Health Plan Inc. purchased the mostly vacant 148,000-square-foot office building in San Rafael where it intends to provide medical services.
The Aug. 17 purchase from CORAC LLC, an affiliate of Connecticut-based Cigna Real Estate, was for $22 million.
The purchase removed more than 100,000 square feet of space that’s long been considered ill-suited for typical Marin County tenants because of its configuration for obsolete-style datacenters.
75 and 88 Rowland Way, Novato
143,444 square feet of office space
Newport Beach-based real estate investment manager Buchanan Street Partners acquired the two-building office complex for $24.9 million, or about $174 a square foot.
The June 5 purchase by BSP Rowland Plaza, LLC, from BPG-Rock Rowland, LLC, was Buchanan Street’s second in the Bay Area that quarter. The seller was a joint venture of Barker Pacific Group and Rockwood Capital.
45 and 52 Leveroni Ct. and 81 Digital Dr., Novato
53,308 square feet of office and research-and-development space
Totaling all office, R&D and industrial spaces, Ultragenyx owns or occupies about 111,209 square feet in Bel Marin Keys industrial area of Novato, according to Haden Ongaro of Newmark Cornish & Carey.
Marin Gateway Shopping Center, 101 Donohue St., Marin City
48,100 square feet of retail space
The departure of Best Buy in early 2014 left the center without an anchor tenant. In April of this year, the center’s owner, Gerrity Group, inked a deal with Minneapolis-based Target, long-interested in the development, to open a flexible-format store there by early next year.
The deal took the center from being just over half-full to 82 percent occupancy and is said to be prompting other retailers to move forward with deals in the complex.
Greenwood Business Park, 1225 Airport Blvd., Napa
226,000 square feet of warehouse space
Doing business as Pack n’ Ship Direct, the company leased the entire building, which was finished in mid-2015. The project allowed the Windsor-based wine direct-to-consumer fulfillment house to expand into Napa Valley.
The building was the first warehouse in the project.
North Bay Regional Group
600 and 610 Airpark Rd., Napa
41,000 square feet of office space
North Bay Regional Center is one of 21 regional centers in California for people with developmental disabilities. It leased the space and plans to move its Napa office from 10 Executive Ct. in May or June.