California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
GTIS Partners, Graham Street JV Grabs Marin County Asset for $73M
New York City-based GTIS Partners LP and San Francisco-based Graham Street Realty formed a JV and simultaneously closed the acquisition of Belvedere Place in Mill Valley, CA, for a reported $72.5 million. The 100%-leased 104,000-square-foot office property was built in 2000, and is Marin County’s newest, highest-quality Class A office building. The seller was ScanlanKemperBard (SKB) and Angelo Gordon.
The property comprises two, three-story buildings and offers direct-access garage parking, electric car charging stations, 20-foot ceilings in lobby entrances, and a private fitness center. Current tenants include Merrill Lynch, UBS, WeWork, Redwood Trust, and several private wealth management firms.
GTIS Partners’ David Pahl says, “Belvedere Place is a textbook example of what we look for both in an MSA and in a property itself – a supply-constrained market with significant barriers to entry for new developments, attractive returns with strong cash-on-cash yields, and a roster of blue-chip occupants.”
Pahl notes it is GTIS’ first office acquisition for its GTIS US Property Income Partners fund.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


