**Graham Street Realty Divests Corte Madera Office Property for Residential Conversion**
San Francisco-based commercial real estate investment firm Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has completed the sale of Hunt Plaza, a 1.57-acre, 68,456-square-foot commercial property located in Corte Madera. The transaction amount has not been disclosed. The buyer intends to transform the site into an affordable multifamily community comprising 99 homes.
GSR originally acquired the centrally-located property, which sits approximately 10 miles north of the Golden Gate Bridge, in December 2021. At the time of purchase, the firm had plans to modernize the building and enhance its value through capital investments and long-term, market-rate leases with both new and existing tenants.
“At the time of purchase, we envisioned investing significant capital into Hunt Plaza to modernize the building and stabilize the rent roll through long-term, market-rate leases,” said Andrew Mustin, Director of Asset Management at GSR. “However, when a buyer emerged with the ability to fully leverage current housing element opportunities, we shifted our strategy. We’re excited to see new affordable housing take shape at 240 Tamal Vista.”
During GSR’s stewardship, onsite management of Hunt Plaza was overseen by Paramount Property Co., an Oakland-based affiliate of the firm. The transition from commercial to residential use aligns with broader regional efforts to increase housing inventory, particularly affordable units.
