Graham Street Realty Expands Portfolio with Duffy Place Sale
Graham Street Realty Sells Duffy Place in Marin County
Graham Street Realty (GSR), a prominent commercial real estate investment firm based in San Francisco, has successfully completed the sale of Duffy Place, a light industrial property spanning 58,935 square feet. This multi-tenanted property is located in San Rafael, California, a strategic area that enhances its market value and appeal.
Property Details and Features
Duffy Place comprises two multiuse industrial buildings situated on two lots with ample onsite parking. It's conveniently located just a short walk from the popular Shamrock Center, making it an attractive choice for businesses looking for accessibility. The property also boasts excellent transport links, being easily accessible from both U.S. Highway 101 and Interstate 580, which are vital for logistics and operations.
Upgrades and Improvements Made During Ownership
GSR acquired Duffy Place back in December 2021 and since then has implemented significant upgrades to the property. These enhancements included resurfacing the parking lot, overlaying the roof, and upgrading electrical as well as fire and life safety systems. Additionally, improvements were made to the suites, ensuring that the property meets modern standards for tenants.
Statements from Management
Andrew Mustin, the Director of Asset Management at GSR, expressed his satisfaction with the developments during their ownership. He stated, "During our ownership period of Duffy Place, we provided much-needed capital improvements and successfully stabilized the rent roll. We are pleased to pass the torch to a capable operator of this light industrial infill site in San Rafael." This statement highlights GSR's commitment to enhancing property value while transitioning to new management.
New Management and Future Prospects
The property will now be managed by Paramount Property Co., which is another affiliate of GSR based in Oakland, California. The transition marks a new chapter for Duffy Place under a management team well-versed in the complexities of commercial property management.
D.R. Stephens & Company, a valued commercial real estate investment firm established in 1973, has purchased Duffy Place. With a strong focus on industrial and research and development properties throughout the Bay Area, their acquisition signifies confidence in the property’s future potential. Located at 21-37 Duffy Place and 607-615 Irwin Street, this site is perfectly positioned for continued growth.
Sales Process and Representation
The sale of Duffy Place was facilitated by Newmark, a respected name within commercial real estate brokerage services. Throughout the process, GSR was represented by the firm's Bay Area Private Capital Group. Meanwhile, D.R. Stephens & Company had representation from Jerry Suyderhoud and Joe McCallum from their San Rafael office, ensuring a smooth transaction for all parties involved.
About Graham Street Realty
Graham Street Realty (GSR) is a seasoned private commercial real estate investment firm founded in 2007. Since its inception, GSR has sponsored the acquisition of over $485 million in office and industrial assets. Their focus remains on value-add investments within the multi-tenant office and industrial building market, contributing to a healthier and more diverse real estate landscape in the region.
Frequently Asked Questions
What is Duffy Place?
Duffy Place is a 58,935-square-foot multi-tenanted light industrial property located in San Rafael, California.
Who acquired Duffy Place?
D.R. Stephens & Company, a commercial real estate investment firm based in San Francisco, acquired Duffy Place.
What improvements did GSR make to Duffy Place?
Improvements included resurfacing the parking lot, upgrading the roof, and enhancing electrical and fire safety systems.
Who managed Duffy Place during GSR’s ownership?
Paramount Property Co. managed Duffy Place throughout GSR's ownership period.
What does Graham Street Realty specialize in?
Graham Street Realty specializes in value-add investments in the office and industrial property sectors.
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