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NOVATO, CA-The Bio Marin manufacturing facility in Novato has been sold by Limar Realty to Bay Area-based Stephens & Stephens LLC for $9.51 million.

The 69,849-sf Bio Marin facility, which is located on 2.4 acres at 46 Galli Drive, was built in 1981 and acquired by Limar Realty in 1996. In 1998, Bio Marin, a drug manufacturer and the property’s only tenant, signed a long-term lease, which expires in 2010, and invested more than $20 million in the property in an effort to make it its primary research and manufacturing facility. With the capital improvements, the facility is now one of the only FDA licensed facilities for drug research and manufacturing in the Bay Area.

Scott Raymond of Marcus & Millichap secured and represented Stephens & Stephens LLC, while Limar Realty represented itself.

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