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Basin Street buys two Class A office properties in Marin County
The acquisition adds 113,000 square feet in San Rafael and raises the portfolio’s occupancy to nearly 88%.
Basin Street Properties increased its North Bay commercial real estate portfolio with the acquisition of two Class A office properties in Marin County, according to Bisnow.
The properties are located at 899 and 1050 Northgate Drive in San Rafael, totaling 113,000 square feet and building on Basin Street’s existing 102,000 square feet at the Shoreline Office Center in Mill Valley.
Bisnow reports the deal pushes occupancy to nearly 88% across the assets, and Basin Street said it plans value-add improvements at the 55,000 square foot, five-story building at 1050 Northgate, while noting that the 57,000 square foot property at 899 Northgate already received lobby and common area upgrades.
In a statement, Basin Street CEO Matt White said despite investor and lender caution around office, leasing activity and demand for well-located, high-quality buildings continue to support performance across the portfolio.