Cushman & Wakefield announced that the Best Buy building at 700 DuBois Street in San Rafael, CA recently sold for $21.2 million at an approximate 5.84% cap rate. A Private Investor acquired the 35,231 square foot single-tenant retail building set on nearly three acres from the Tulipani Family Trust. Constructed in 2007, the building is net leased to Best Buy Stores, L.P., the original tenant. Steve Easley with Cushman & Wakefield’s Larkspur (North Bay) office represented both parties in the transaction, which officially closed March 1.
The property is located approximately 10 miles north of San Francisco and the Golden Gate Bridge. With a population of 60,000, San Rafael is the largest city in Marin County. Best Buy Company, Inc. (NYSE: “BBY”), a Minneapolis based company, is the leading consumer electronics retailer of technology products. Other major retailers in the immediate area include Office Depot, Staples, Home Depot, Target, Whole Foods and Trader Joes.
Mr. Easley said, “There is a high barrier to entry for a big box retailer in this area. The Best Buy store is highly visible and adjacent to U.S. Highway 101 and Interstate 580, with an average daily traffic count of approximately 150,000 vehicles.”