**GSR Sells San Rafael Light Industrial Property Following Upgrades**
San Francisco-based commercial real estate investment firm Graham Street Realty (GSR), an affiliate of Hamilton Zanze, has sold Duffy Place, a 58,935-square-foot, multi-tenant light industrial complex located at 21-37 Duffy Place and 607-615 Irwin Street in San Rafael. The property was purchased by D.R. Stephens & Company, a commercial real estate investment firm also based in San Francisco, which specializes in industrial and R&D properties throughout the Bay Area. The sale price was not disclosed.
GSR originally acquired the property in December 2021 and implemented a number of capital improvements during its ownership.
“During our ownership period of Duffy Place, we provided much-needed capital improvements and successfully stabilized the rent roll,” said Andrew Mustin, Director of Asset Management at GSR. “We are pleased to pass the torch to a capable operator of this light industrial infill site in San Rafael.”
The transaction was brokered by Newmark, with GSR represented by the firm’s Bay Area Private Capital Group. D.R. Stephens & Company was represented in the deal by Jerry Suyderhoud and Joe McCallum from Newmark’s San Rafael office.
