Northern California office deal tops $25M

Broadreach Capital Partners recently acquired a 93,296-square-foot office property in San Rafael, Calif., for $25.5 million.

A group of local investors sold the asset, which has been fully occupied since completion by Autodesk Inc., a software designer well known for its AutoCAD product.

The property, located at 3900 & 3950 Civic Center Drive, is comprised of two identical three-story buildings originally developed in 1989.

Trevor Wilson, Broadreach’s senior director, said the company purchased Civic Center Plaza at a “below-replacement-cost basis,” and the submarket will likely continue to benefit from low supply and high demand, which will put “upward pressure on rental rates.”