SAN RAFAEL, Calif. – August 28, 2018 – Marin Square, a strategically located mixed-use retail/commercial property in San Rafael (Marin County), California, has sold to locally-based Chelsea Pacific Group. Marin Square was first developed in 1984 as a neighborhood shopping center and was later expanded to include an office and multi-tenant commercial component. The seller was Sutter Health.
Cushman & Wakefield’s Dan Wald and Don LeBuhn (The Wald | LeBuhn Team), both Executive Managing Directors with the firm’s Retail Investment Advisors Group, in partnership with Trevor Buck, Director in the firm’s North Bay office, represented the seller in the disposition. The buyer, which is based in nearby Tiburon, represented itself.
According to Mr. Wald, “Sutter Health significantly enhanced the property’s value prior to sale by allowing below-market leases to expire and limiting the term of the property’s few remaining tenants. In this way, the property could be offered as a blank canvas on which investors and developers could ‘paint’ their various repositioning plans.”
“Marin Square represented one of Central Marin County’s only large assembled retail/commercial development parcels,” continued Mr. LeBuhn. “The seller’s ‘blank canvas’ approach resulted in a wide variety of offers addressing the trade area’s shortage of space for office, hotel, retail and automotive users. The buyer, Chelsea Pacific, is a very successful local investor and is well positioned to assess the property’s highest and best use given this wide variety of demand.”
The Wald | LeBuhn Team represents owners of retail investment properties throughout Northern and Central California and Northern Nevada. To date, the Team has completed over 250 retail investment transactions with a total value of over $3.5 Billion.
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