The Harbors is a two-building office campus at 1 and 3 Harbor Dr. that is currently for sale in Sausalito. 

SAUSALITO, CA—Marin's long-standing tradition of investment in technology, sustainability, industry and the service sector has created a specific niche in the Bay Area. And, Sausalito is popular with Bay Area and Marin-based companies seeking a transit-friendly location near the wealthy residential enclaves of Tiburon, Kentfield, Mill Valley, Belvedere and Ross.

One recently renovated property provides an appealing investment case. The Harbors is a two-building office campus at 1 and 3 Harbor Dr. currently being marketed for sale. The owner is Roseview-PMRG Fund I LLC, a $250 million discretionary fund managed by Boston-based the Roseview Group.

Originally built in 1982, the Harbors totals approximately 114,000 square feet of class-A office space with surface parking for 355 vehicles. The owners recently completed a significant Gensler-designed renovation which included upgrading the building exterior, wayfinding signage, common areas and restrooms, and adding popular tenant amenities such as a conference center with kitchenette, outdoor collaborative workspace with refreshed landscaping, secure bicycle storage and showers.

The two three-story buildings are currently 81% leased to a diverse group of tenants representing a variety of industries including Aperio Group, Regus, Prima Medical, Waggl and Westamerica Bank, with no single tenant occupying more than 18% of the property. The Harbors offers investors both stable in-place income as well as the opportunity to add value via lease-up of the remaining vacant space and near-term lease expirations in the rising Southern Marin market.

The Harbors is off of US-101 or a 10-minute bicycle ride to downtown Sausalito connects commuters via ferry to the San Francisco CBD.

JLL Capital Markets has begun marketing the property for sale. Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson are handling the sale process on behalf of the owner.

“Shrinking office inventory and ever-rising rents in San Francisco are driving more tenants into submarkets with high-quality real estate, proximity to the city, easy transit access, great amenities and lower occupancy costs,” Wollan tells GlobeSt.com. “Sausalito has all of those attributes along with an unrivaled waterfront setting. Harbors is one of the best class-A office complexes in Southern Marin, and has been recently renovated and upgraded, enhancing its appeal to tenants and institutional investors alike.”

The Marin commercial real estate market has 7.6 million square feet of office space, 6.4 million square feet of industrial space and 6.4 million square feet of retail space. Across all market sectors, vacancy rates consistently remain healthy, and are an indication of Marin's constantly growing and resilient economy, according to a recent report by Keegan and Coppin.

For the investor, Marin County presents a stable supply-constrained market, with secure sources of income. Marin investment property remains in high demand, commanding high prices commensurate with a well-established market and reliable long-term appreciation, says the report.