SAN RAFAEL, CA-JB Matteson, Inc., has spent $50 million to acquire Rafael Town Center, a class-A mixed-use residential and commercial property at 999 4th St. in San Rafael.

The transaction closed on February 21.

Completed in 2002, the center features 113 luxury apartments, 41,783 square feet of high-quality office space, 20,312 square feet of street-level shops and restaurants, and a 257-space parking garage. The seller was a separate account managed by Stockbridge Real Estate Funds.

"Rafael Town Center enjoys a central location in downtown San Rafael, in Marin County, which is one of the country's strongest rental markets. It offers residents and commercial tenants a walkable, urban environment to live and work," said John Bellack, president of JB Matteson. "The property is a modern transit-oriented community in an infill Bay Area location."

Continuing its strategy to construct a portfolio of newer class-A multifamily properties in infill locations on the West Coast, JB Matteson acquired or committed $190 million in new multifamily investments in 2013. The properties, typically developed within the last 10 years, are located in infill locations in major coastal markets from Southern California to Seattle. Rafael Town Center is JB Matteson's second recent acquisition in Marin County, joining the 124-unit Millworks in Novato. It's the firm's seventh recent acquisition in California.

Rafael Town Center is located on the corner of 4th Street and Lootens Place in the heart of San Rafael's vibrant downtown shopping, dining and office district, featuring a "Walk Score" of 98.

Recent improvements to the property include renovation of the leasing center, enhanced energy efficiency systems, new community room for private functions, new business center and a new fitness center.

The five-story office portion of Rafael Town Center comprises 41,783 square feet, featuring 20 suites ranging from 1,500-5,000 square feet. Currently 92% leased, the office tenants include a desirable mix of financial, accounting, law, and real estate firms, including Presidio Bank and MidWest Agri-Commodities.

"We are pleased with the performance of our multifamily portfolio and plan to continue to accumulate newer, high quality, class-A apartments on the West Coast," said Matt Matteson, president of Matteson Realty Services.

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Rafael Town Center Changes Hands

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