Mill Valley, CA (July 31, 2017) – Meridian Commercial President Matt Brown announced today that his firm represented the buyer of a multi-tenant office property in Mill Valley.
Samuel Ko in Meridian’s San Rafael office represented the buyer, a local family trust, in the acquisition of the two-story, approximately 4,050-square-foot office building located at 110 Tiburon Blvd in Mill Valley. The well located Southern Marin property is about a quarter of a mile east of Highway 101 and at the gateway to the affluent Tiburon and Belvedere towns.
The seller in the transaction was FH & TK Trust. The property traded for $2.475 million, or $611.11 per square foot, and a 4.5 percent capitalization rate, which is the projected yield during the initial year of ownership.
“This property has been impeccably maintained over the years and has recently had many upgrades throughout. The strong Southern Marin location drew my client to this great investment opportunity,” said Samuel Ko.
The two-story building is fully leased to a total of five tenants, several of which have been tenants for a long time. Built in 1975, the property has 13 parking spaces, a private and gated patio on the ground floor and offers excellent views from balconies and windows on the second level.
About Meridian Commercial
Meridian Commercial is a locally owned real estate services firm dedicated to strengthening the economy through encouraging and advocating transactions that work for all parties. Located in San Rafael and Petaluma, California, Meridian Commercial real estate advisory serves clients in the leasing, sales and management, of light industrial, office retail and multifamily investment properties in Marin and Sonoma Counties. Founded in 2009, the firm has offices in San Rafael and Petaluma. Meridian Commercial has 10 full-time advisors and two property managers.