Built in the mid-1990s and located adjacent to Vintage Oaks Shopping Center, Rowland Plaza is comprised of three buildings--two steel-frame low-rise office buildings, one 80,159 square feet and the other 63,793 square feet, and a 24,120-square-foot retail building. The office space is 72% leased and the retail is 100% leased. Overall office market vacancy is in the low 20% range.

The retail is leased solely to Staples Inc. Major office tenants include the City of Novato, 21,340 square feet; Braden Partners LP, dba Pacific Pulmonary Services, 21,850 square feet; Prieston Group, fraud insurance, 14,000 square feet; Marin County, 13,325 square feet; and Rosenthal & Co., class-action settlement administration, 13,000 square feet.

Barker Pacific managing director Michael Barker describes the existing tenancy as "stable" and describes the overall investment as a "very attractive value play" that will create greater economies of scale for a Marin County property portfolio that also includes Hamilton Landing, which is 100% leased. His goal is to lease up the available space at Rowland Plaza over the next two years while retaining the existing tenants. The current quotes for office space in the project are $2.25 per square foot per month, fully serviced. The near-term capex plan includes building out some speculative office suites.