Strawberry Village Shopping Center, a 154,000-sf property, is located along Highway 101 in Mill Valley. Most of its 60 shops are occupied, with tenants including Safeway, Gymboree, Starbucks and Wolf Camera.

"We had been in discussion with representatives of the UC Regents since acquiring the interest in Strawberry Village in an effort to create a long term strategy that would maximize the benefit of the Center for the tenants and owners," says Wick Polite, a principal at Seagate Properties. "It is clearly one of the best-located centers in Marin County with excellent demographics to support the existing local tenants as well as national retailers. Ultimately, however, we were unable to reach an agreement and felt that selling our ownership position was in the best interest of our investors and the Center."

A representative for Seagate Properties says that the company is unable to reveal the sale price because it is part of a confidentiality agreement.