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Transactions - AUGUST 15, 2019

GTIS forms JV with Graham Street Realty

by Released

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 garage parking, electric car charging stations, 20-foot ceilings in lobby entrances, and a private fitness center.

“Marin County is the most affluent county within the San Francisco Bay Area, with median incomes of $133,000 and median home prices over $1.1 million, and the area is home to many executives and other well-educated professionals,” said David Messing, managing principal of Graham Street Realty. “Geographically speaking, Belvedere Place couldn’t be better situated, with direct access to Highway 101 providing easy commutes to the North Bay and a 20-minute drive to downtown San Francisco across the Golden Gate Bridge.”

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