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6/30/15
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Buchanan Street Partners has acquired Rowland Plaza, a 143.4k sf office project in the Marin County city of Novato. The property was sold by a joint venture between Barker Pacific Group and Rockwood Capital for $24.9 mil ($174/sf).
Buchanan Street is planning renovations to common areas and landscaping, including a complete lobby renovation, and will redesign the landscaping to increase the curb appeal of the project. Renovations are scheduled to be completed mid 2016.
Rowland Plaza is comprised of two three story buildings at 75 and 88 Rowland Way, on the east side of Hwy 101. The property is located near downtown Novato and is walking distance to the Vintage Oaks Shopping Center, a prominent retail center. It is 73 percent leased to a diverse mix of tenants, including public accounting, technology, healthcare, professional services, and governmental and social services firms.
Grant Lammersen and George Eckard from Cushman & Wakefield represented the seller. Buchanan Street represented itself in the purchase, the firm’s second acquisition in the San Francisco Bay Area this quarter.
“Companies are expanding north due to lack of space and the high cost of locating in central San Francisco. We were attracted to the property because the Novato market is in the path of that expansion,” said Chris Herthel, senior vice president at Buchanan Street Partners. “We believe this is one of the best projects in the market, because it offers efficient multitenant floor plates, and accessibility.”
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