18 office properties changed hands in the North Bay. A total of 300,263 square feet with an average building size of 16,681 square feet. The average selling price was $308 per square foot and the average CAP rate was 6.8%. Note the average vacancy rate was 24.9%.
The largest transaction was Belvedere Place in Mill Valley selling to a Portland equity fund for $46,750,000. The two building complex had a total of 103,258 square feet with just over half vacant at closing. The price per square foot was $452.75.