Rowland Plaza medical office complex in Marin County sells for $36M
A 142,856-square-foot medical office complex in Novato has sold to a Denver- and Bahamas-based investor in multifamily and medical properties, including one in Sonoma County.
An affiliate of Vukota Real Estate, part of Vukota Capital Management, purchased Rowland Plaza at 75 and 88 Rowland Plaza on Aug. 22 from a fund managed by Newport Beach-based Buchanan Street Partners, according to public documents and an announcement Aug. 28. The recorded price was $36.75 million, or $257.25 a square foot.
That would be 47.6 percent more than the $24.9 million, or $174 a square foot, the Journal reported was paid when the property last sold, in June 2015.
The two three-story buildings are next to Sutter Health Novato Community Hospital. The property benefits from a collection of nearby walkable retail amenities, panoramic view, and a prominent location along Highway 101.
Rowland Plaza is 82 percent leased to 12 tenants representing medical, finance, government and software firms. Those include Prima Medical Group and Marin Healthcare District facilities such as labs and North Marin Internal Medicine.
“This property is one of Novato’s only multitenant class A economical alternatives serving tenants in the 3,500- to 10,000-square foot range, providing a discount to southern Marin and greater Marin County rates,” said listing agent Steven Golubchik in a statement.
Vukota Real Estate's other North Bay investment came in June of last year, according to the firm's website. It was the 42,000-square-foot, three-story Fountaingrove Medical Building in Santa Rosa.
Represented the seller, BSP Rowland Plaza LLC, were Grant Lammersen and Golubchik, with NKF Capital Markets, part of Newmark Knight Frank. The buyer was HSRE-PCMS Rowland Plaza MOB LLC.