NOVATO, CA—With its architecturally unique aspects, creative campus Hamilton Landing, located near the Hamilton Wetlands Preserve, was recently acquired by ScanlanKemperBard Companies (SKB). Perhaps equally important is its proximity, within walking distance, to the Sonoma-Marin Rail Transit (SMART) line. The SMART line is expected to be operational in 2016 and will provide a transit option rarely available in suburban areas.
The property totals 406,355 square feet of space and consists of seven fully renovated, two-story office buildings formerly used as aircraft hangars. Hamilton Landing was originally developed as a United States Air Force Base in 1936. The hangars on site were converted to office space in 2000. This unique retrofit has resulted in a coveted office space in Marin County.
Todd Gooding, president and chief investment officer, SKB, tells GlobeSt.com: “Since 1997, the Bay Area has always been a material region for us. There are more synergies now between our home base of Portland and the Bay Area than ever before. Additionally, Hamilton Landing's unique architecture and bayside setting has proven it can thrive even when the market is down.”
The terms of the deal were not disclosed. This acquisition marks 1.4 million square feet of space the company now owns in the Bay Area market. SKB makes private investments to acquire commercial real estate properties throughout the West. In the last nine months, SKB has made $418 million in real estate acquisitions, including the recent $43 million recapitalization of Westgate Center, a uniquely designed mixed-use project in San Leandro, CA.
“This investment reaffirms our commitment to growing our Bay Area footprint,” says Gooding. “Our commitment to finding unique assets in niche markets with distinctive architectural detail is what distinguishes us in this industry. We understand today's tenants do not simply want a place to work–they want an office experience that helps them live more productive lives.”
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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.
