Basin Street Buys 2 Bay Area Assets
The buildings contain office and medical space.
Basin Street Properties has acquired two Class A office and medical office buildings totaling 113,094 square feet in San Rafael, Calif.
The previous owner of both buildings was Graham Street Realty, according to Yardi Matrix.
899 Northgate Drive is a five-story, 57,245-square-foot property featuring covered and surface parking, along with a roof deck. The property includes an updated lobby and common area, outdoor patio and refreshed landscaping.
1050 Northgate Drive is also five stories and totals 55,849 square feet. It features shared conference facilities and flexible office and medical suites. Basin Street plans continued improvements to the property, including an enhanced building entry, tenant lounge and outdoor patio.
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The acquisition expands Basin Street’s presence in Marin County, which includes Shoreline Office Center in Mill Valley.
The Marin County office market has seen four straight quarters of positive net absorption, averaging about 31,000 square feet per quarter, according to a second-quarter report from Newmark. The county’s overall office vacancy of 18.9 percent is 130 basis points below that for the Bay Area region as a whole. Newmark predicts that the ongoing conversion of lower-quality office buildings into housing will help erode office vacancy county-wide.
Last December, Woodridge Capital Partners purchased The Harbors, a 112,343-square-foot office property in Sausalito, Calif., in Marin County. Seagate Properties sold the asset for $32 million, and Realty Center Management Inc. provided a $21.5 million acquisition loan.
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