Prudential Buys Majority Stake in Air Force Base Redevelopment

NOVATO, CA-Pru Real Estate Investors will now hold a majority share of the $100-million, 500,000-sf project started by Barker Pacific Group, now the minority partner. The first hanger completed is leasing up at $34 per sf.

By Becky Bergman | December 04, 2000 at 01:01 AM

The hangers, originally constructed in 1934, offer ceiling heights ranging from 11 feet to 38 feet and views of the San Pablo Bay wetlands and the Marin County hillsides. Barker Pacific's managing director Michael Barker says Prudential's investment assures the renovation will meet tenant demand for a faster paced renovation and construction. Barker Pacific has already completed renovation on one 56,715-sf hangar and leased it to four tenants, including Smith and Hawken, InServe, Marin Individual Practice Group and DeSantis. The tenants all signed five to seven-year renewable leases at $34 per sf.

Prudential's Los Angeles-based investment officer John Woo represented the company in its Hamilton Landing investment. Haden Ongaro and Brian Eisberg of Orion Partners Ltd. represented Barker Pacific.

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