Despite a relatively slow investment market, a pair of recent trades in Marin County suggest the market is getting some attention. Bisnow chatted with one of the buyers to get some exclusive details.
A Seagate Properties affiliate just bought 899 Northgate Dr, a 55k SF, five-story office building from Besphil & Co for $13.5M. Seagate VP of acquisitions Brian Johnson tells us there's typically not a lot of investment sale transaction volume in Marin County, but as southern Marin office space fills up and rents climb to upwards of $5/SF in certain buildings, investors are seeing opportunity in northern Marin.
The building on Northgate was about 40% vacant at the time of purchase (the County of Marin had recently vacated 16k SF). Brian tells us the plan is to modernize common areas and tenant spaces. Perks: The Northgate Mall sits across the street and the SMART train stop is coming soon nearby.
And the 100-room Holiday Inn Express Mill Valley was recently sold by an affiliate of Ultima Hospitality and Argosy Real Estate just sold for $28M. Sources say the hotel was bought by affiliates of GRM Properties and Terrapin Investments & Management Corp for $290k per room. Cushman & Wakefield, which repped the sellers, says the deal marked the highest per key price for a Holiday Inn Express branded hotel (outside of NYC). It features a 24-hour fitness center and this resort-style pool that we want to crash this weekend. Inside, Frantoio Ristorante is a Marin County favorite.
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