SAN RAFAEL, CALIF. (November 8, 2016) — Keegan & Coppin Company, Inc.-ONCOR International has completed the sale of a three building, four-parcel portfolio of mixed use and retail properties located in the heart of downtown San Rafael within easy walking distance of the SMART light rail station and the San Rafael Transit Center.
On the market for the first time in generations, the properties generated significant interest among both private investors and local small business owners looking for owner-user investment opportunities.
The 34,848 square foot portfolio includes 30,066 square footage of building area comprised of 850 4th Street totaling 6,497 square feet, 889-891 4th Street totaling 4,394 square feet, and 1121-1139 4th Street totaling 19,175 square feet, and 4,792 square footage of lot area at 827 5th Avenue. The properties were sold in three transactions for a total of $8.77 million.
Keegan & Coppin Larkspur office agents, Matt Storms and Nathan Ballard, marketed the assets for the seller, a local Marin County family who has owned the properties for several generations.
An undisclosed regional restaurant operator acquired 1121-1139 4th Street, an inline mixed-use retail/residential building located just six blocks from the downtown SMART rail station and the San Rafael Transit Center, for $5.15 million at a 4.62% cap rate. Comprised of five retail spaces on the ground floor and a Single Room Occupancy hotel on the second floor, the building was 100% leased at the time of sale and is occupied by strong local tenants including West End Café, 20/20 Optical, D’Lynne’s Dancewear, and Shahin Rug Gallery.
A local San Rafael family-owned business purchased 889-891 4th Street, a two story mixed-use retail/office building located a short three block walk from the downtown SMART station and the San Rafael Transit Center, for the asking price of $1.225 million. The historic property built in 1907 is currently occupied by longtime San Rafael business, San Rafael Florist, on a ten-year lease of the ground floor. The buyer plans to occupy the second floor of the building.
An undisclosed Marin County-based private investor acquired 850 4th Street, a classic, inline single-tenant retail building built in 1927 and formerly intended as the home of the Marin History Museum Music Center and “Marin Rocks” Exhibition, for the $2.395 million asking price at a 4.62% cap rate. Only a block and-a half away from downtown transit amenities, 850 4th Street received multiple offers for purchase and was sold at one of the highest recorded prices per square foot ($368.63 psf) for a retail property in the downtown San Rafael area. The property is currently occupied by regional bookstore operator and major local employer, Copperfield’s Books, Inc., on a ten-year lease. An adjacent 4,792 square foot lot located at 827 5th Avenue and leased to Copperfield’s Books, Inc. for employee parking was included in the sale.
“These three assets provided three unique and attractive opportunities for three different buyers with diverse criteria for the property they were seeking. All of them will benefit from the renewed enthusiasm about downtown San Rafael being driven by BioMarin’s presence and the upcoming SMART train,” stated co-listing agent, Nathan Ballard, of Keegan & Coppin.
About Keegan & Coppin Company, Inc.-ONCOR International
A dominant North Bay real estate firm since 1976, Keegan & Coppin Company, Inc.-ONCOR International provides a full range of services for tenants, property owners, and investors throughout Northern California. With more than 50 agents in four strategic offices in the North Bay – Santa Rosa, Petaluma, Napa, and Larkspur – Keegan & Coppin Company, Inc.-ONCOR International is the largest and most experienced commercial company in the North Bay.