MacFarlane Partners Acquires Marin County Property for Apartment Development
June 07, 2011
MacFarlane Partners, a real estate investment manager that specializes in investments that promote smart growth, urban revitalization and sustainability, announced today the acquisition of the former WinCup manufacturing plant site in Corte Madera, Calif., with plans to develop it as a rental apartment community.
The 4.5-acre property is located at 195-205 Tamal Vista Boulevard, just west of U.S. Highway 101 and south of the freeway’s Lucky Drive exit.
The Town of Corte Madera has approved rezoning the site to allow for a three- and four-story multifamily development with 180 apartment homes and 5,000 square feet of ground-floor retail space. Ten percent of the apartment homes are to be set aside as affordable units. The project site is one of the last major developable parcels in southern Marin County and is within easy walking distance of shopping, restaurants, transportation and other desirable amenities.
“While the transit-oriented development is in the early design stage, it will incorporate the best elements of smart growth and new urbanism, which are hallmarks of our developments,” said Victor B. MacFarlane, managing principal and chairman of MacFarlane Partners. “Future residents will enjoy stunning views of Mount Tamalpais and benefit from the vibrant Corte Madera location.”
On the heels of the recent acquisition of 1844 Market Street in San Francisco, the investment is the second by MacFarlane Partners on behalf of MacFarlane Urban Real Estate Fund III (“Urban Fund III”), a closed-end, commingled fund managed by the firm that is capitalized with $211 million in equity from institutional investors. MacFarlane Partners will serve as the property’s developer.
Urban Fund III is pursuing an investment strategy that MacFarlane Partners pioneered in the 1990s on behalf of institutional investors: acquiring, developing, redeveloping and repositioning properties in urban and high-density suburban submarkets of select metropolitan areas nationwide that promote smart growth, urban revitalization and sustainability.Cornish & Carey Commercial Newmark Knight Frank agents Mike Lieberman, Jerry Angel and Jay Cross represented the seller, JMH Assets, LLC of Newport Beach, Calif., as well as the buyer. Terms of the transaction were not disclosed. Development timing has not yet been released.
Located nine miles north of the Golden Gate Bridge, the property will offer its residents easy access to public transportation, including the Larkspur Ferry and Golden Gate Transit buses to San Francisco as well as regional bike paths and trails in the Mount Tamalpais open space. Future residents will also be within walking distance of two upscale shopping centers — Corte Madera Town Center and The Village at Corte Madera.
For more than 40 years, foam-cup manufacturer WinCup leased and operated a plant at the site. The Stone Mountain, Ga.-based company will shutter the facility later this year and relocate its manufacturing activities to Bakersfield, Calif.
About MacFarlane Partners
MacFarlane Partners is a real estate investment management firm that manages approximately $5 billion in assets on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading capital provider for properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide.
MacFarlane Partners is headquartered in San Francisco, with regional offices in Washington, D.C., and the greater New York metropolitan area. For additional information, please visit the firm’s website at www.macfarlanepartners.com
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate company since 1935, Cornish & Carey Commercial partnered with Newmark Knight Frank in 2010 to become one of the largest independent real estate service firms in the world and changed its name to Cornish & Carey Commercial Newmark Knight Frank. Today, the firm meets the local and global needs of property owners, tenants, investors and developers with integrity and knowledge and is served by a combined staff of 7,300 from 220 offices on six continents. Last year, the firm generated revenues of $861 million in established and emerging property markets. For more information visit www.ccareynkf.com.
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