Sitting on 5.4 acres near the intersection of Bridgeway and Coloma streets, the 134,812-sf (net rentable) development consists of a mix of stick-frame and tilt-wall buildings dating to the 1960s and early 1970s. The building addresses are 150, 160-170, 200, 310 and 360 Gate Five Rd.; and 401-413, 413-439, and 441-475 Coloma St.
Orion Partners' Jerry Suyderhoud, which represented the seller, tells GlobeSt.com that the development is set up for small users and that occupancy was essentially 100% occupied at the time of sale. "The Sausalito market in general has always been a fairly tight when it comes to small users," he says. "This particular development also is well occupied because it's a B class property in an A location."
Availability in the portfolio has reportedly increased slightly in recent weeks as Westcore attempts to push rents. Neil Johnson, Westcore's director of acquisitions, did not return phone calls seeking comment on the investment.
Orion Partners represented both Westcore Properties and Marin Freeholders. Orion's Jeff Traynor represented the buyer. Acquisition financing was provided by California Bank and Trust.
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