NOVATO, CA—Rowland Plaza, a 143,444-square-foot office project has been acquired by Buchanan Street Partners for $24.9 million or $174 a square foot from a joint venture between Barker Pacific Group and Rockwood Capital. This is Buchanan Street's second acquisition in the Bay Area this quarter. Grant Lammersen and George Eckard of Cushman & Wakefield represented the seller. Buchanan Street represented itself.
Chris Herthel, senior vice president of Buchanan Street Partners, tells GlobeSt.com: "The core of San Francisco has tightened due to growing companies and positive absorption. There has been a spike in development due to demand, but companies are growing faster than developers can build. Because of this issue, businesses are expanding north due to the lack of available space and high cost of locating in the city–and Novato is in the midst of that path of expansion.”
Buchanan Street will upgrade the common areas, including a complete lobby renovation and will redesign the landscaping to increase the curb appeal of the project. Renovations are scheduled to be completed mid-2016.
Rowland Plaza is comprised of two three-story buildings at 75 and 88 Rowland Way, with 143,444 square feet of rentable space including flex/R&D and lab. The project is 73% leased to a diverse mix of tenants, including public accounting, technology, healthcare, professional services, and governmental and social services firms.
“We believe this is one of the best projects in the market, because it offers efficient multi-tenant floor plates, and accessibility,” says Herthel. “The asset has good upside potential given strong market fundamentals and our strategy to upgrade the project.”
It is centrally located in an established commercial area in Marin County and has good freeway visibility from U.S. Route 101. The property is located near downtown Novato and is walking distance to the Vintage Oaks Shopping Center, a prominent retail center.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
