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4/14/16
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A private investor paid $21.2 mil for a 35.2k sf ($602/sf) Best Buy building in San Rafael, the largest city in Marin County. The single-tenant property is situated on nearly three acres at 700 DuBois St, just west of Hwy 101.
Constructed in 2007, the building is net leased to Best Buy Stores L.P., the original tenant. Best Buy, a Minneapolis-based company, is the leading consumer electronics retailer of technology products. Other major retailers in the immediate area include Office Depot, Staples, Home Depot, Target, Whole Foods and Trader Joes.
Steve Easley with Cushman & Wakefield represented the buyer and the seller, the Tulipani Family Trust, in the transaction, which officially closed March 1. The deal came in at a 5.84% cap rate.
According to Easley, “There is a high barrier to entry for a big box retailer in this area. The Best Buy store is highly visible and adjacent to U.S. Highway 101 and Interstate 580, with an average daily traffic count of approximately 150,000 vehicles.”
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