“This property presents the fund with a rare opportunity to own a quality office property within supply-constrained Marin County,” said Steve Corridan, partner of The Roseview Group. “The area benefits by existing geographical barriers, a lack of available land and proximity to several of the nation's most affluent communities.”

JLL capital markets group managing directors, Michel Seifer and Rob Hielscher, and vice president, Erik Hanson, represented the undisclosed seller in the transaction.

“This is one of the best quality institutional assets in Sausalito, which is the first stop over the Golden Gate Bridge for tenants moving north out of the city,” said Seifer. “The property is in an excellent location close to freeway access and important amenities such as cafes, restaurants and shopping, and drew strong investor interest.”

Dailey says the partnership plans to begin adding value immediately to the property.

“We believe that once key improvements have been made, this asset will attract new tenants seeking prime, turnkey workspace,” says Dailey.

SAUSALITO, CA—With its architecturally distinct sloped roof and improvements on the horizon, a well-known two-building office complex has a new owner. Roseview-PMRG Fund I LLC, a $250 million discretionary fund formed by PM Realty Group and the Roseview Evergreen Fund, has acquired the complex, 1 and 3 Harbor Drive. The office asset was developed in 1982, is comprised of 114,314 square feet and is 81% occupied.

This is the first acquisition in Northern California for the fund, which was formed to acquire and reposition office properties across the United States. The Roseview/PMRG partnership also owns properties in Atlanta, Houston, Philadelphia, Boston and Tampa.

John Dailey, PM Realty Group executive vice president, tells GlobeSt.com: “We see an opportunity to transform the property with improvements that capture the unique vibe of Sausalito. Existing common courtyards can be converted into flexible indoor-outdoor work space equipped with amenities that promote a collaborative environment. We want to respect the fact that the property is within an artist community. Our goal is to create a mood that encompasses Sausalito's creative culture and complements the waterfront community.”

The fund will improve the asset by investing in a speculative suite program, upgrading interior and exterior common areas and adding a conference facility, bicycle storage area and on-site management office. The fund will also increase value by leasing currently vacant space and increasing in-place rents to market rates as leases expire.

“This property presents the fund with a rare opportunity to own a quality office property within supply-constrained Marin County,” said Steve Corridan, partner of The Roseview Group. “The area benefits by existing geographical barriers, a lack of available land and proximity to several of the nation's most affluent communities.”

JLL capital markets group managing directors, Michel Seifer and Rob Hielscher, and vice president, Erik Hanson, represented the undisclosed seller in the transaction.

“This is one of the best quality institutional assets in Sausalito, which is the first stop over the Golden Gate Bridge for tenants moving north out of the city,” said Seifer. “The property is in an excellent location close to freeway access and important amenities such as cafes, restaurants and shopping, and drew strong investor interest.”

Dailey says the partnership plans to begin adding value immediately to the property.

“We believe that once key improvements have been made, this asset will attract new tenants seeking prime, turnkey workspace,” says Dailey.