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Just got this listing for Marinwood Plaza from a friend. There was an announcement that Marinwood Plaza, LLC (Hoytt Enterprises) put the commercial portion of the property up for sale last month and Bridge made an offer for the whole property. Now we see that the whole property is being offered to the general public. Does this mean that the property has fallen out of escrow with Bridge Housing?
I suspect that the issues with the toxic waste cleanup are much more of a problem than previously disclosed. The toxic waste extends under 101 and threatens the Silveira Ranch drinking water supply for the dairy herd. Geologica has been testing for contamination on the Silveira property for the last few weeks.
And then there is the issue with the benzene gas contamination from the freeway at 4 times legally allowable limits and the neighboring microwave farm that will be blasting the apartments. There are major environmental issues that may be difficult to re mediate. In February 2014 the RWQCB (Regional Water Quality Control Board) issued a mandatory clean up order due to the severity of the toxic waste present.
Of course, the legal challenges to CEQA from our good friends at www.alliancemarin.org also may be playing a significant role in having Bridge to reconsider developing the site.
Marinwood Plaza should be cleaned up no matter what development happens to it. The public health has been at risk too long. It could be an expensive,lengthy process,taking years and millions of dollars to bring it into compliance.
We will see what this all means soon.
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Marinwood Plaza
121-197 Marinwood Avenue, San Rafael, CA 94903
Price Not Disclosed
33,514 SF | Retail
Retail Property For Sale
- Price:
- Price Not Disclosed
- Gross Leasable Area:
- 33,514 SF
- Property Type:
- Retail
- Property Sub-type:
- Neighborhood Center
- Additional Sub-types:
- Government Subsidized
- Retail (Other)
- Specialty Center
- Property Use Type:
- Investment
- Tenancy:
- Multiple
- Lot Size:
- 4.99 AC
- Listing ID
- 18909320
- Last Updated
- 24 days ago
Highlights
- Rare Marin County Mixed-Use Redevelopment Opportunity
- Tremendous Upside Through Redevelopment Of Site
- Extremely Strong Apartment & For Sale Housing Market
- Long-Term Triple Net Lease; Provides Stable Income Stream Through Redevelopment Process
- General Commercial Mixed-Use Marin Countywide Plan Designation
- Outstanding Demographics; Affluent Trade Area
Description
Marcus & Millichap as Exclusive Advisor is pleased to present the rare opportunity to acquire the fee-simple interest in the Marinwood Plaza ( Property ) located in Marin County, California. Marinwood Plaza is situated at the corner of Marinwood Avenue and Miller Creek Road with direct access and visibility to Highway 101.Marinwood Plaza is comprised of four separate contiguous parcels totaling 4.99-acres (217,573 SF) with a 33,514-square foot existing improvement. The northern most 15,190-square foot portion of the existing improvement is leased to Marinwood Market under a long-term lease.
Marinwood Market is operating under a 15-year triple net lease that commenced on August 1, 2011 and runs through July 31, 2026. The lease incorporates annual consumer price index increases capped at 6.0% per annum throughout the base term and the first 10-year option and second 9-year option periods. Marinwood Market is required to pay as percentage rent 2.0% of gross sales in excess of the minimum monthly base rent.
The Property is zoned CP- Planned Commercial and has a GC- General Commercial/Mixed Use countywide plan designation. In addition, the countywide plan designated the Property as an HOD- Housing Overlay District.
Marinwood Plaza has been the subject of an ongoing redevelopment project ( Marinwood Village ) that incorporates the enclosed guiding principles that were previously approved by the Marin County Board of Supervisors several years ago.
The site boasts outstanding trade area demographics with approximately 5,298 residents with an average household income of $119,609 within a one-mile radius and approximately 116,135 residents with an average household income of $121,549 within a five-mile radius.
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