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4/19/16
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Professional Financial Investors, Inc. has acquired North Bay Center, a 44.6k sf, Class A office property in downtown Novato, for $6.25 mil ($140/sf). North Bay Center boasts a high-identity hillside location at 7200 Redwood Blvd, east of Novato Blvd.
The three-story building was approximately 80% leased to mostly professional and medical services tenants at the time of sale. The property features great identity along Redwood Blvd, is walking distance to the numerous amenities in downtown, including the Novato Fair Shopping Center across the street, and provides easy access to U.S. Hwy 101 via De Long Ave. The building features a unique balcony that extends around most of the upper floor, an expansive glass-line, an on-site gym with lockers and showers, and on-site storage spaces.
The seller was North Bay Center, LLC. Trevor Buck, Brian Foster and Bryan Vidinsky with Cushman & Wakefield’s North Bay office in Larkspur represented the buyer in the deal. Steven Leonard, also with C&W, repped the seller.
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