72,000-SF Light Industrial Complex Sells for $12M

SAN RAFAEL, CA-Buchanan Street Partners of Newport Beach and San Rafael-based Seagate Properties have joint ventured on the acquisition of 72,000-sf light industrial complex here known as San Rafael Business Center.

The partners paid $12.2 million for the five-building complex, which is fully leased to Lucasfilm subsidiary Lucas Digital through 2004. In the buildings since 1995, Lucas Digital has four options to extend for up to 24 additional months but is under construction on a new facility in San Francisco. The duo plans to reposition the asset by subdividing the 5.43-acre site into five separate parcels for sale to individual owners and investors after the tenant vacates the property.