(EDITOR’S NOTE: According to public records, the transaction closed on June 21, 2017. The sale price was $14.5 million , or $321 per square foot. A previous version of this post stated that the sale was for $26 million, which was erroneous. We apologize for the misinformation.)
San Rafael, CA (July 17, 2017) – Meridian Commercial President Matt Brown announced today that his firm brokered the sale of a prominent 4th Street office building in downtown San Rafael for an undisclosed price.
Samuel Ko in Meridian’s San Rafael office represented the buyer, North River Company in the off-market acquisition of 1299 Fourth Street in San Rafael, a six-story, 45,093-square-foot office building anchored by a Chase retail bank on the ground floor. It is the second tallest office building in Marin County.
Built in 1963 and located at the intersection of C Street, the property has underground parking and was sold off-market, meaning the sellers, Diversified Equity Holdings L.P., did not go through a formal marketing process to sell the office building.
“This sale was a little unusual for a Marin County commercial property in that it was held by the same ownership entity for at least three decades, and I think it will come as a surprise to many that such a prominent building was sold,” said Samuel Ko.
“Downtown San Rafael is the only true downtown office market in Marin County, and we were thrilled that Samuel Ko did such a great job finding a match between seller and buyer with 1299 Fourth Street,” said Erik Burke, a principal with North River Company.
Added Lisa Whitescarver, another principal with North River, “this building has a very significant presence on Fourth Street and we intend to do our part in contributing to an even stronger downtown market.”
North River Company bought Margarita Plaza, a 30,000-square-foot suburban office property in 2015. That asset is located at 36 Mitchell Blvd. in San Rafael.
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.