Northern California office deal tops $25M

Broadreach Capital Partners recently acquired a 93,296-square-foot office property in San Rafael, Calif., for $25.5 million.

A group of local investors sold the asset, which has been fully occupied since completion by Autodesk Inc., a software designer well known for its AutoCAD product.

The property, located at 3900 & 3950 Civic Center Drive, is comprised of two identical three-story buildings originally developed in 1989.

Trevor Wilson, Broadreach's senior director, said the company purchased Civic Center Plaza at a "below-replacement-cost basis," and the submarket will likely continue to benefit from low supply and high demand, which will put "upward pressure on rental rates."

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.