Westcore Buys Marin County Complex or $26M

SAUSALITO, CA-Westcore Properties LLC of San Diego has acquired an 11-building mixed-use portfolio here for $26.1 million. The mix includes low-rise office and industrial buildings and a small amount of retail. The seller was Marin Freeholders LP of San Rafael.

Sitting on 5.4 acres near the intersection of Bridgeway and Coloma streets, the 134,812-sf (net rentable) development consists of a mix of stick-frame and tilt-wall buildings dating to the 1960s and early 1970s. The building addresses are 150, 160-170, 200, 310 and 360 Gate Five Rd.; and 401-413, 413-439, and 441-475 Coloma St.

Orion Partners’ Jerry Suyderhoud, which represented the seller, tells GlobeSt.com that the development is set up for small users and that occupancy was essentially 100% occupied at the time of sale. “The Sausalito market in general has always been a fairly tight when it comes to small users,” he says. “This particular development also is well occupied because it’s a B class property in an A location.”