Marin County to sell directly held real estate assets
The Marin County Employees’ Retirement Association has hired CBRE as the broker for the sale of three industrial properties, according to Jeff Wickman, retirement administrator for MCERA. The $1.7 billion pension fund’s real estate adviser, Woodmont Real Estate Services, will oversee the process.
Wickman says, “The sale of the properties is part of a 2014 decision by the board to sell off all of its six directly held properties and invest in private real estate through its current core real estate manager.”
The three industrial properties are the 124,000-square-foot Airport Trade Center in San Bruno, Calif., last appraised at $20.5 million; the 9,942-square-foot Marina Bay Business Park in Richmond, Calif., last appraised at $14.8 million; and a 65,300-square-foot asset on Swift Avenue in South San Francisco, last appraised at $9.5 million. The properties will all be marketed without an asking price.