The asking price for the site is $55 million. The price breaks down to $20.5 million for the operating marina, which represents a 5.4% pro forma cap rate; $32.5 million, or $206 per buildable sf, for the approved residential development, and $2 million for the approved commercial space, which is spoken for by way of leases and LOIs. The pricing values the boat slips at $40,000 a piece and assumes the homes can be sold for at least $725 per sf.

To shepherd the property through the entitlement process, Oaktree retained Thompson|Dorfman Partners, a Marin County-based residential developer. The process began more than six years ago. The San Rafael City Council unanimously approved the project two months ago and the San Francisco Bay Conservation and Development Commission granted its approval late last month. At about the same time, a two-broker team from Arroyo & Coates began marketing the property.

John McCulloch, one of the brokers, tells GlobeSt.com that an Oaktree affiliate acquired the property in the mid-to-late 1990s. "Obviously, one of the selling points is the protracted entitlement process," he says. "It's a real barrier to entry and makes the development quite unique."

Thompson|Dorfman may remain involved in the project it knows so well. "A number of companies have expressed interest, including a number of marina-related firms with expertise in uplands development," says McCulloch, who is marketing the property with Curtis Gardner. "Thompson|Dorfman could end up staying in the deal through partnerships."