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Prudential Buys Majority Stake in Air Force Base Redevelopment

NOVATO, CA-Pru Real Estate Investors will now hold a majority share of the $100-million, 500,000-sf project started by Barker Pacific Group, now the minority partner. The first hanger completed is leasing up at $34 per sf.

By Becky Bergman | Updated on December 04, 2000

NOVATO, CA-Barker Pacific Group said this week it is taking on a partner for its redevelopment of the former Hamilton Landing Air Force base here into a 500,000-sf office park. Prudential Real Estate Investors will now hold a majority share of the $100 million project, which will include seven renovated hangars, three new low-rise structures and 1,932 parking spaces when complete in about a year.

The hangers, originally constructed in 1934, offer ceiling heights ranging from 11 feet to 38 feet and views of the San Pablo Bay wetlands and the Marin County hillsides. Barker Pacific’s managing director Michael Barker says Prudential’s investment assures the renovation will meet tenant demand for a faster paced renovation and construction. Barker Pacific has already completed renovation on one 56,715-sf hangar and leased it to four tenants, including Smith and Hawken, InServe, Marin Individual Practice Group and DeSantis. The tenants all signed five to seven-year renewable leases at $34 per sf.

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