GTIS forms JV with Graham Street Realty
GTIS Partners and Graham Street Realty have formed a joint venture, which recently acquired Belvedere Place, a class A office building in Mill Valley, Calif.
“Belvedere Place is a textbook example of what we look for both in an MSA and in a property itself — a supply-constrained market with significant barriers to entry for new developments, attractive returns with strong cash-on-cash yields, and a roster of blue-chip occupants,” said David Pahl, managing director, GTIS Partners. “This is our first office acquisition for our GTIS U.S. Property Income Partners fund, which complements our existing portfolio of residential assets, providing further strong, predictable cash flow.”
Belvedere Place was built in 2000, is 100 percent leased, and is Marin County’s newest, highest-quality class A office building. The property comprises two three-story buildings with a total of 104,000 rentable square feet of space. Beyond this, the building offers direct-access garag