Marin City Shopping Center for sale

One of Marin's largest retail centers, the Marin Gateway center in Marin City, is being put up for sale. According to a report in The Registry, the center, which measures 182,000 sq.ft and is anchored by big box stores Best Buy, Ross and Babies R Us, is expected to fetch around $40 million.

Marin Gateway is currently held by the Bay Area Council in it's Smart Growth Fund I, which is a fund dedicated to real estate investments that have an impact by providing jobs and incomes to local communities in need of revitalization.

Previously, the center was owned by Burnham Pacific Properties, which acquired the property for $22.3m in 1997.

Although the big boxes are solid performers, the smaller tenants have had less success, and there has been a history of tenant turnover and vacancy at the center. Four years ago, Sutter Health proposed taking over the site to build a new hospital to serve southern Marin.