Buchanan Street Buys Rowland Plaza in Novato for $24.9MM

Novato, San Francisco, Buchanan Street Partners, Rowland Plaza, Barker Pacific Group, Rockwood Capital, Cushman & Wakefield, Grant Lammersen, George Eckard

Firm Acquires Rowland Plaza in Novato, Calif. For $25 Million and Plans to Complete Building Upgrades by Mid-2016

Newport Beach and San Francisco, Calif. (June 29, 2015) – Buchanan Street Partners, a real estate investment management firm, has acquired Rowland Plaza, a 143,444-square-foot office project located in Novato, California. Buchanan Street acquired the property for $24.9 million from a joint venture between Barker Pacific Group and Rockwood Capital, and is planning renovations to common areas and landscaping. This is Buchanan Street’s second acquisition in the San Francisco Bay Area this quarter.

Novato, San Francisco, Buchanan Street Partners, Rowland Plaza, Barker Pacific Group, Rockwood Capital, Cushman & Wakefield, Grant Lammersen, George Eckard“Companies are expanding north due to lack of space and the high cost of locating in central San Francisco. We were attracted to the property because the Novato market is in the path of that expansion,” said Chris Herthel, senior vice president at Buchanan Street Partners. “We believe this is one of the best projects in the market, because it offers efficient multitenant floor plates, and accessibility.”

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. The project is 73 percent leased to a diverse mix of tenants, including public accounting, technology, healthcare, professional services, and governmental and social services firms.

Rowland Plaza is centrally located in an established commercial area in Marin County and has good freeway visibility from U.S. Highway 101. The property is located near downtown Novato and is walking distance to the Vintage Oaks Shopping Center, a prominent retail center.

“The asset has good upside potential given strong market fundamentals and our strategy to upgrade the project,” said Herthel.

Grant Lammersen and George Eckard from Cushman & Wakefield represented the seller. Buchanan Street represented itself.

ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm that invests debt and equity capital on behalf of institutional and private investors. www.buchananstreet.com.

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