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2/22/16
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Roseview-PMRG Fund I LLC has acquired 1 & 3 Harbor Drive, a two-building, 114.3k sf office complex east of Hwy 101, at Bridgeway, in Sausalito. Built in 1982, the property was 81% occupied at time of sale.
This is the first acquisition in Northern California for the Fund, a $250 mil discretionary fund formed by PM Realty Group (PMRG) and the Roseview Evergreen Fund. The Fund was formed to acquire and reposition office properties across the United States. The Roseview/PMRG partnership also owns properties in Atlanta, Houston, Philadelphia, Boston and Tampa.
The Fund plans to improve the asset by investing in a speculative suite program, upgrading interior and exterior common areas and adding a conference facility, bicycle storage area and on-site management office. They will also increase value by leasing currently vacant space and increasing in-place rents to market rates as leases expire.
"This property presents the Fund with a rare opportunity to own a quality office property within supply-constrained Marin County,” said Steve Corridan, Partner of The Roseview Group. “The area benefits by existing geographical barriers, a lack of available land and proximity to several of the nation’s most affluent communities.”
JLL Capital Markets Group Managing Directors, Michel Seifer and Rob Hielscher, and Vice President, Erik Hanson, represented the seller in the transaction.
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