(EDITOR’S NOTE: According to public documents, the sale price was $36.75 million, or around $259 per square foot. This property was previously purchased by Buchanan Street Partners in June of 2015 for $24.5 million.)
San Francisco, CA (August 28, 2018) – NKF Capital Markets has announced the sale of Rowland Plaza located at 75 and 88 Rowland Way in Novato, CA. The property includes 142,856-square-feet of space in two three-story buildings. Rowland Plaza is one of Marin County’s premier medical and office properties.
NKF Capital Markets Grant Lammersen, Steven Golubchik, Edmund Najera and Tyler Meyerdirk represented the seller, Buchanan Street Partners in the transaction to the buyer, Pinnacle Capital Management Services and Harrison Street.
Rowland Plaza, located adjacent to Sutter Health Novato Community Hospital, is 82 percent leased to 12 tenants representing medical, finance, government and software firms. The property benefits from a collection of nearby walkable retail amenities, panoramic view, and a prominent location along Highway 101.
“This property is one of Novato’s only multi-tenant Class A economical alternatives serving tenants in the 3,500 to 10,000-square foot range, providing a discount to Southern Marin and greater Marin County rates,” said Golubchik.
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.