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6/28/19
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In a Bay Area office buy, Seagate Properties has acquired The Harbors, a recently renovated, 114k sf institutional-quality two-building office campus at 1 and 3 Harbor Drive in Sausalito. Although a price was not given out, industry sources estimate the deal value to be near $53 mil ($465/sf).
Built in 1982, The Harbors consists of two three-story buildings. The property is 81% leased to a diverse group of tenants including Aperio Group, Regus, Prima Medical, and Waggl. The Harbors is just off the US-101 making it approximately 10 minutes by car or 30 minutes by ferry to the city of San Francisco.
Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson with JLL Capital Markets represented the seller, Roseview-PMRG Fund I LLC, a $250 mil discretionary fund managed by Boston-based The Roseview Group. John Manning, Alex Witt and Tom Gilliland, also with JLL, arranged acquisition financing for the Marin County-based buyer.
“The Harbors is a great institutional-quality office asset in the Southern Marin market and presents Seagate with the opportunity to add further value with enhancements beyond the recent Gensler-designed renovations executed by the seller and drawing new tenants to its unparalleled location just across the Golden Gate bridge,” noted Seifer.
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