SAN RAFAEL, Calif.--(BUSINESS WIRE)--Innovatus Capital Partners, LLC (“Innovatus”) has acquired 4040 Civic Center Drive, a five-story Class A office building encompassing more than 135,000 square feet in San Rafael in Central Marin County. LPC West, the West Coast arm of national real estate firm Lincoln Property Company, will provide property management and construction management services for the building. This will be the sixth building LPC West manages for Innovatus.
The property is located along Highway 101 and a short walk from the Sonoma Marin Area Rail Transit (SMART) Civic Center station. SMART, a 70-mile rail system connecting 14 stations from San Rafael to the Sonoma County Airport, will receive an extension connecting the rail line to the ferry terminal at Larkspur Landing later this year. This extension will greatly improve the commute from San Francisco to Marin.
The building is LEED Platinum certified and includes a café, high-quality interior finishes, flexible floorplates, and ample onsite parking.
“Marin County has benefited from the office market expansion across the San Francisco Bay Area and demand is expected to continue to grow as supply remains stagnant,” said Bradley Seiden, Managing Director of Innovatus. “We are pleased to acquire 4040 Civic, an excellent asset in a highly desirable area, and look forward to working closely with our tenants. The property expands our well-located portfolio of U.S. commercial office properties to eight properties currently valued at approximately $400 million.”
The building is currently more than 90 percent leased to a diverse array of high-quality tenants, including Pasha Group, an international logistics and transportation services company; Vionic Group, a global footwear brand; Regus, a leader in office co-working; and the General Services Administration.
4040 Civic Center is located half a mile from the Northgate Mall, which includes a Cinemark with 15 screens, nearly 20 food offerings, and over 25 retail stores.
“We are pleased to provide management for 4040 Civic Center Drive and help to improve operational efficiencies and provide a quality environment for tenants,” said Tim Walling, Vice President of LPC West. “The building has been well maintained over the years and we look forward to working with Innovatus to maximize the property’s potential.”
Steven Hermann and Adam Lasoff of Cushman & Wakefield represented the seller in the transaction.
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpcwest.com for more information.