County Buys Business Park

SAN RAFAEL, CA-Locally based Seagate Properties Inc. has sold the vacant San Rafael Business Center here to the Marin County for $17.75 million. The county plans to fill the 72,000-sf, five-building complex with its Health and Human Services division, including its Marin Community Clinic.

The 5.43-acre property is located at the intersection of Kerner Boulevard and Bellam Avenue, providing immediate access to Highway 101, Highway 580 and the San Rafael-Richmond Bridge. The complex consists of two office buildings and three light industrial buildings.

Seagate Properties purchased the property in October 2003 in partnership with Buchanan Street Partners, for $12.2 million. Lucas Digital, Inc., a subsidiary of Lucasfilm Entertainment, leased the entire campus before relocating recently to a new campus in the San Francisco Presidio.

Prior to agreeing to sell the complex to the county, Seagate planned to subdivide and sell off the park in smaller pieces after Lucas vacated. Instead, Seagate says it will be managing and constructing the complete renovation of the buildings and grounds into a state of the art medical and wellness facility for the county.