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11/03/14
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San Francisco-based Ellis Partners LLC has acquired 4040 Civic Center Drive, a 130.2k sf, multi-tenant office building in San Rafael. The acquisition represents the fourth purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners.
The project was acquired from an institutional investor. The price was not disclosed.
4040 Civic Center Drive is a five-story commercial office building served by ample structured and surface parking. It features direct access to Hwy 101 and is near a rich amenity base including Northgate Shopping Center, a regional mall within easy walking distance. In 2013, the building earned the prestigious BOMA 360 certification for its excellence in operations, security and sustainability.
“The property is an institutional-quality Class A asset and has been well-maintained in a market with high barriers to entry for new development,” said Gordon Hess, Partner and Managing Director of Ellis Partners. “There is a strong tenant roster in place and the building offers dramatic views, high-quality interior finishes and great curb appeal so that it will be well-positioned to capture the benefits of the improving Marin County office market.”
Cushman & Wakefield will handle the leasing of the property and CBRE will take on the property management assignment for the new ownership.
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