San Rafael, CA – San Francisco-based Ellis Partners LLC announced that it has acquired the 130,237 square foot multi-tenant office building known as “4040 Civic Center Drive” in San Rafael, California. The project was acquired from an institutional investor.
The acquisition represents the fourth purchase by commercial developer/investor Ellis Partners with capital partner Artemis Real Estate Partners.
“We are pleased that Ellis Partners was able to identify another high-quality asset for acquisition,” said Jim Smith, Portfolio Manager of Artemis Real Estate Partners. “Ellis Partners was one of our earliest partners and we are very pleased to continue expanding our relationship with the Ellis team.”
4040 Civic Center Drive is a five-story commercial office building served by ample structured and surface parking. It features direct access to Highway 101 and is near a rich amenity base including Northgate Shopping Center, a regional mall within easy walking distance. In 2013, the building earned the prestigious BOMA 360 certification for its excellence in operations, security and sustainability.
“The property is an institutional-quality Class A asset and has been well-maintained in a market with high barriers to entry for new development,” said Gordon Hess, Partner and Managing Director of Ellis Partners. “There is a strong tenant roster in place and the building offers dramatic views, high-quality interior finishes and great curb appeal so that it will be well positioned to capture the benefits of the improving Marin County office market.”
Cushman & Wakefield will handle the leasing of the property and CBRE will take on the property management assignment for the new ownership.
About Artemis Real Estate Partners:
Artemis Real Estate Partners is a real estate investment management firm that invests with best-in-class local operating partners, both established and emerging, in multifamily, office, industrial, retail and senior housing acrossopportunistic,value added and enhanced core strategies. Artemis has raised over $1.8billion of investor capital across two commingled value add/opportunistic fund vehicles and an enhanced core emerging manager separate account with The New York State Common Retirement Fund. Artemis’s sole focus is U.S. commercial real estate. More information about Artemis may be found at www.artemisrep.com.