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Marin County Market Reports

Marin County Market Reports

Average Asking Rent (Price/SF)          $3.10
Availability Rate (%)       20.86%
Net Absorption (SF)      -22,317

In early December, 1350 South Eliseo Drive, the 45,277-square-foot medical office building in the Central Marin community of Greenbrae, sold in an off-market transaction for $32.0 million, or $707/SF, generating a 6.1% cap rate. The three-story building is master leased to Marin General Hospital, which is in the midst of a 15-year absolute triple net lease that expires at the end of 2028. The property was acquired by Harrison Street Real Estate Capital, LLC, a Chicago-based private real estate investment management firm that had entered the North Bay market in the second quarter of 2017, when it purchased the 40,583-square-foot medical office building at 3536 Mendocino Avenue in Santa Rosa for $11.3 million, or $277/SF, in a joint venture with Vukota Capital Management, LLC, of Los Angeles. The seller of 1350 South Eliseo Drive was New York-based Empire Square Group, LLC, which purchased the building in the fourth quarter of 2014 for $27.0 million, or $596/SF, at a 5.7% cap rate.

Marin County Office Market Report
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