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Broadreach Capital Buys 93,300-SF Office Property

SAN RAFAEL, CA-Acquired for $25.5 million, the two-building property on Civic Center Drive here is 100% leased by Autodesk, a Fortune 1000 company whose lease is coming up for renewal during the hold period.

By Brian K. Miller | Updated on April 10, 2007

SAN RAFAEL, CA-Broadreach Capital Partners of Palo Alto has acquired a 93,296-sf office property here for $25.5 million, or slightly less than a 7% cap rate based on in-place rents, according to local sources. Located along Highway 101 in the 3900 block of Civic Center Drive, the property is comprised of two identical three-story buildings originally developed in 1989. The seller was a group of local investors.

Since completion, the buildings have been 100% occupied by Autodesk Inc., a Fortune 1000 software designer known for its computer-assisted design software. Local industry sources tell GlobeSt.com the lease for one of the buildings expires in a year, and the lease for the other expires in five years.

Autodesk Inc. reportedly has exercised its renewal option for the near-term lease expiration but the lease rate and concession package is still being negotiated. The acquisition is “as an opportunity to take advantage of an off-market deal with renewal opportunity in the near term,” a source at Broadreach tells GlobeSt.com.

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