Off-Market Sale Evolves from Earlier Buy

SAN RAFAEL, CA—After acquiring Margarita Plaza, a 30,000-square-foot suburban office property located at 36 Mitchell Blvd. in 2015, North River Company was a likely buyer for an off-market purchase of a prominent 4th Street office building in downtown. The firm has a history of boosting the downtown market through its acquisitions.

The owners of 1299 Fourth St. had owned the property for about three decades. Meridian Commercial brokered the sale of the office building for an undisclosed price, although local brokerage sources tell GlobeSt.com the sale price was $14.5 million. Samuel Ko in Meridian's San Rafael office represented North River in the acquisition of the six-story 45,093-square-foot office building anchored by a Chase retail bank on the ground floor.

“Based on an earlier acquisition in Marin County, we knew that North River would be a likely buyer if we could identify an owner willing to sell a quality asset in a prime market for the county, and that is essentially how the transaction evolved,” Ko tells GlobeSt.com.

North River Company principal Erik Burke said the acquisition was attractive because downtown San Rafael is the only true downtown office market in Marin County. Another North River principal, Lisa Whitescarver, said that the firm intends to do its part in contributing to an even stronger downtown office market following its second purchase.

1299 Fourth St. is the second tallest office building in Marin County. Built in 1963 and located at the intersection of C Street, the property has underground parking, according to Matt Brown, Meridian president.

Founded in 2009, Meridian Commercial is a locally owned firm also with a reputation of strengthening the economy through advocating transactions that work for all parties. Located in San Rafael and Petaluma, the advisory firm serves clients of investment properties in Marin and Sonoma Counties.