Renovated Class A Suburban Office Campus in Southern Marin Hits Market
JLL Capital Markets begins marketing The Harbors, a 114,000 square foot, two-building campus on Sausalito waterfront in Marin County, California
SAUSALITO, CA, Feb 5, 2019 – JLL Capital Markets has commenced marketing for sale The Harbors, a recently renovated, institutional-quality two-building office campus at 1 and 3 Harbor Drive in Sausalito.
Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson are handling the sale process on behalf of the owner, Roseview-PMRG Fund I, LLC, a $250 million discretionary fund managed by Boston-based The Roseview Group.
The Harbors, originally built in 1982, totals approximately 114,000 rentable square feet of Class A office space with surface parking for 355 vehicles. The current owners recently completed a significant Gensler-designed renovation which included upgrading the building exterior, wayfinding signage, common areas and restrooms, and adding popular tenant amenities such as a conference center with kitchenette, outdoor collaborative workspace with refreshed landscaping, secure bicycle storage and showers. The two, three-story buildings are currently 81 percent leased to a diverse group of tenants representing a variety of industries including Aperio Group, Regus, Prima Medical, Waggl and Westamerica Bank, with no single tenant occupying more than 18% of the property. The Harbors offers investors both stable in-place income as well as the opportunity to add value via lease-up of the remaining vacant space and near-term lease expirations in the rising Southern Marin market.
Sausalito is popular with Bay Area and Marin-based companies looking for a transit-friendly location proximate to the wealthy residential enclaves such as Tiburon, Kentfield, Mill Valley, Belvedere and Ross, which also offers easy access to San Francisco. The Harbors is just off the US-101 making it 10 minutes by car to the city. Alternatively, a 10-minute bicycle ride to downtown Sausalito connects commuters via ferry to the San Francisco CBD.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com