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California  + Bay Area  + Industrial  | 

GSR Divests San Rafael Light Industrial Following Upgrades

San Francisco-based commercial real estate investment firm Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has sold Duffy Place, a 58,935-square-foot, multi-tenanted light industrial property at 21-37 Duffy Pl. and 607-615 Irwin St. in San Rafael, for an undisclosed sum. The buyer was D.R. Stephens & Company, a San Francisco-based commercial real estate investment firm specializing in Bay Area industrial and R&D properties.

GSR acquired the property in December 2021 and instituted several upgrade measures during its sponsored ownership of the property. “During our ownership period of Duffy Place, we provided much-needed capital improvements and successfully stabilized the rent roll,” said Andrew Mustin, director of asset management at GSR. “We are pleased to pass the torch to a capable operator of this light industrial infill site in San Rafael.”

The sale of Duffy Place was brokered by Newmark, with GSR represented by the firm’s Bay Area Private Capital Group. D.R. Stephens & Company was represented by Jerry Suyderhoud and Joe McCallum of the firm’s San Rafael office.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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