Graham Street Divests Corte Madera Offices for Resi Conversion
San Francisco-based commercial real estate investment firm Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has sold Hunt Plaza, a 1.57-acre, 68,456-square-foot commercial property in Corte Madera, for an undisclosed sum. The buyer plans to convert the property into an affordable multifamily community featuring 99 homes.
GSR sponsored the acquisition of Hunt Plaza, which sits 10 miles north of the Golden Gate Bridge, in December 2021. “At the time of purchase, we envisioned investing significant capital into Hunt Plaza to modernize the building and stabilize the rent roll through long-term, market-rate leases with both new and existing tenants,” said Andrew Mustin, director of asset management at GSR.
He continued, “However, when a buyer emerged with the ability to fully leverage current housing element opportunities, we shifted our strategy. We’re excited to see new affordable housing take shape at 240 Tamal Vista.”
Paramount Property Co., an Oakland-based GSR affiliate, managed Hunt Plaza during GSR’s sponsored ownership.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout