Graham Street Realty Facilitates Successful Sale of Duffy Place
Graham Street Realty's Recent Real Estate Achievement
A notable event in the commercial real estate sector has occurred with Graham Street Realty (GSR) successfully selling Duffy Place, a significant light industrial property spanning 58,935 square feet. This property, which boasts multiple tenants, is an important asset in the region.
Understanding Duffy Place
Duffy Place is located in central San Rafael and features two industrial buildings situated on two lots, complemented by ample onsite parking. Its prime location, just a short walk from the popular Shamrock Center and easy access to key highways, makes it a fantastic site for various business operations.
Background of the Property
Originally acquired in December 2021, GSR has carefully invested in numerous upgrades throughout their ownership. This included enhancements to the electrical systems, improved fire safety measures, and a complete resurfacing of the parking lot, ensuring the property meets modern standards.
Leadership's Vision
Andrew Mustin, Director of Asset Management at GSR, expressed pride in the upgrades achieved during their tenure. "During our ownership period of Duffy Place, we provided much-needed capital improvements and successfully stabilized the rent roll," he explained. This statement reflects GSR's commitment to enhancing property value and tenant satisfaction.
Sale and Transition
The sale was finalized with D.R. Stephens & Company, a well-regarded commercial real estate investment firm based in San Francisco. Founded in 1973, D.R. Stephens specializes in industrial and R&D properties across California, making them a fitting new owner for Duffy Place.
Brokerage and Representation
Newmark amplified the transaction, bringing together GSR and D.R. Stephens & Company. The firm’s Bay Area Private Capital Group provided representation for GSR, ensuring a smooth transition in ownership.
Graham Street Realty's Continued Growth
Graham Street Realty remains a key player in the San Francisco commercial real estate market, having sponsored acquisitions exceeding $485 million since its inception in 2007. Their focus on value-add investments has bolstered their reputation as a reliable investment partner within the industry.
Future Prospects
The sale of Duffy Place not only marks a milestone for Graham Street Realty but also signals potential growth in the industrial and commercial property sectors in the area. With strategic investments and an eye toward future development, GSR is poised to continue making significant moves in the market.
Frequently Asked Questions
What is Duffy Place?
Duffy Place is a multiuse light industrial property in San Rafael, California, featuring two industrial buildings with ample parking.
Who managed Duffy Place during GSR's ownership?
Paramount Property Co., based in Oakland, managed Duffy Place during Graham Street Realty's ownership.
Why did GSR sell Duffy Place?
GSR sold Duffy Place to transition the property to a capable operator following significant capital improvements during their ownership.
Who bought Duffy Place?
D.R. Stephens & Company, a commercial real estate investment firm, purchased Duffy Place from Graham Street Realty.
What type of improvements were made to Duffy Place?
Improvements included electrical upgrades, new roofing, fire/life safety enhancements, and parking lot resurfacing to modern standards.
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