San Rafael – San Francisco-based Ellis Partners LLC announced that it has acquired the 130,237 square foot multi-tenant office building known as “4040 Civic Center Drive” in San Rafael, California. The project was acquired from an institutional investor.
The acquisition represents the fourth purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners.
“We are pleased that Ellis Partners was able to identify another high-quality asset for acquisition,” said Jim Smith, Portfolio Manager of Artemis Real Estate Partners. “Ellis Partners was one of our earliest partners and we are very pleased to continue expanding our relationship with the Ellis team.”
4040 Civic Center Drive is a five-story commercial office building served by ample structured and surface parking. It features direct access to Highway 101 and is near a rich amenity base including Northgate Shopping Center, a regional mall within easy walking distance. In 2013, the building earned the prestigious BOMA 360 certification for its excellence in operations, security and sustainability.
“The property is an institutional-quality Class A asset and has been well-maintained in a market with high barriers to entry for new development,” said Gordon Hess, Partner and Managing Director of Ellis Partners. “There is a strong tenant roster in place and the building offers dramatic views, high-quality interior finishes and great curb appeal so that it will be well-positioned to capture the benefits of the improving Marin County office market.”
Cushman & Wakefield will handle the leasing of the property and CBRE will take on the property management assignment for the new ownership.
About Ellis Partners LLC
Ellis Partners LLC is one of Northern California’s largest commercial real estate investors and developers focused on office, retail, industrial and mixed-use product types with a 20 year operating history. The firm’s multi-faceted capabilities include land entitlement and development, property repositioning, adaptive-re-use and historic renovation. Ellis Partners also provides leasing expertise, asset management, development and renovation management capabilities to its ventures. www.ellispartners.com