SAN FRANCISCO-MacFarlane Partners has acquired the former WinCup manufacturing plant site in Corte Madera, CA. The real estate investment manager that specializes in investments that promote smart growth, urban revitalization and sustainability plans to build a $68 million multifamily mixed-use development.
The 4.5-acre property is located at 195-205 Tamal Vista Blvd., just west of Highway 101 and south of the Lucky Drive exit. The Town of Corte Madera has approved rezoning the site to allow for a three- and four-story multifamily development with 180 apartment homes and 5,000 square feet of ground floor retail space.
Terms of the transaction were not disclosed. Development timing has not yet been released.
Approximately 10% of the apartment homes are to be set aside as affordable units. The project site is one of the last major developable parcels in Southern Marin County within easy walking distance to shopping, restaurants, transportation and other desirable amenities.
“While the transit-oriented development is in the early design stage, it will incorporate the best elements of smart growth and new urbanism, which are hallmarks of our developments,” says Greg Vilkin, managing principal and president of MacFarlane Partners. “Future residents will enjoy stunning views of Mount Tamalpais and benefit from the vibrant Corte Madera location.”
This deal comes just on the heels of the recent acquisition of 1844 Market St. in San Francisco, as GlobeSt.com recently reported. The investment is the second by MacFarlane Partners on behalf of MacFarlane Urban Real Estate Fund III, a closed-end, commingled fund managed by the firm that is capitalized with $211 million in equity from institutional investors. MacFarlane Partners will serve as the property’s developer.
According to a prepared statement, Urban Fund III is pursuing an investment strategy that MacFarlane Partners pioneered in the 1990s on behalf of institutional investors: acquiring, developing, redeveloping and repositioning properties in urban and high-density suburban submarkets of select metropolitan areas nationwide that promote smart growth, urban revitalization and sustainability.
Cornish & Carey Commercial Newmark Knight Frank agents Mike Lieberman, Jerry Angel and Jay Cross represented the seller, JMH Assets LLC of Newport Beach, CA, as well as the buyer.
Nine miles north of the Golden Gate Bridge, the property will offer its residents easy access to public transportation including the Larkspur Ferry and Golden Gate Transit buses to San Francisco as well as regional bike paths and trails in the Mount Tamalpais open space, says the release. Future residents will also be within walking distance of two upscale shopping centers—Corte Madera Town Center and The Villages of Corte Madera.
For more than 40 years, foam cup manufacturer WinCup leased and operated a plant at the site. Later this year, the Stone Mountain, GA-based company will relocate manufacturing to Bakersfield, CA.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
