VELLEJO, CA-GlobeSt.com has exclusively learned that Kennedy Wilson has been named as the exclusive leasing agent for more than 1 million square feet of commercial sites on Mare Island by Lennar Mare Island LLC, the developer of approximately 650 acres of the former Mare Island naval base located in the north San Francisco Bay Area.
Mare Island was established in 1854 as the first naval base on the West Coast; it was eventually closed in 1996. LMI is redeveloping its property into a mixed-use commercial and residential community.
The new community is being developed through a public/private partnership between the City of Vallejo and Lennar Mare Island LLC, which took over the project in 1998. Since then, a substantial portion of the infrastructure improvements have been completed, commercial occupancy of the island has surpassed 3 million square feet, and more than 2,100 permanent jobs have been created, according to a prepared statement.
There are currently 90 businesses located on Mare Island. Ultimately, the Mare Island Reuse Plan calls for approximately 1,400 homes in addition to approximately 6 million square feet of commercial and industrial space and various recreational amenities.
To spearhead the commercial marketing efforts, Eric Rehn, has joined the firm as a vice president in the commercial brokerage division and will be responsible for handling LMI's portfolio of commercial and industrial space. Rehn brings more than 12 years of real estate experience to his new position.
Kennedy Wilson has been involved with various property and asset management activities at Mare Island since 2002. “With approximately 3.5 million square feet of occupied space and a variety of available commercial space that can handle large industrial, office and maritime uses, the Mare Island project is well poised to take advantage of improving market conditions,” explains Rehn. “As the gateway to the central valley, Marin County and Napa, but still in close proximity to Oakland and San Francisco, this location is central to companies needing strategic access to all of Northern California. We are very excited to be a part of its rebirth.”
According to Donna Clark, senior managing director of KW Properties Group, “This property has a rich maritime history, a mix of commercial, residential, and public uses and easy access to major transportation corridors.” Clark adds that “When this is coupled with the island's competitive pricing, it will no doubt be a draw for major companies seeking to relocate.”
Kennedy Wilson has been busy in Northern California as of late. As GlobeSt.com just recently reported, the Beverly Hills, CA-based firmand its partner acquired the Pointe at Redwood Shores for approximately $22 million, all cash. Kennedy Wilson invested $11 million of equity in the transaction, with debt financing expected to be arranged post-closing.
The company has also been busy over in Salt Lake City. As GlobeSt.com recently reported, the company increased its investments in Salt Lake City, which now total $139 million, including 816 multifamily units and 325,832 square feet of retail properties. The firm acquired Foothill Place, a 450-unit apartment community.
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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.
