Matteson Acquires Marin Mixed-Use Trophy
For $67 Million
New Urban Mid-Rise Condominium Apartments and Whole Foods store
San Mateo, Calif. and Novato, Calif. (April 19, 2012)
The Matteson Companies ("Matteson"), announced the acquisition of The Millworks, a 124 unit, Class A+
urban midrise apartment property built over a 39,119 square feet Whole Foods store on the ground floor. The
Property is located in downtown Novato with immediate access to Highway 101. The Property includes a
three-level, 438-space parking garage.
Originally conceived and designed as luxury condominiums, the residences are over-sized and feature custom
finishes and many high-end amenities, including granite kitchen countertops, Bosch stainless steel appliances,
Kohler faucets, marble slab vanity countertops, marble shower surrounds, and full size washer and dryers in
every unit. Most units feature private patios or balconies, as well as spacious walk-in closets. Designed to
condo specs and with a condo map in place, the Property provides the opportunity to sell units when market
conditions dictate. The Whole Foods operation occupies much of the ground floor of the property pursuant to a
long-term lease, and with a focus on fresh, local products. Groceries and prepared foods can be delivered
directly to residents of The Millworks at their request.
Matteson, based in San Mateo, Calif., is a real estate investment manager active in the western U.S with over
$1 billion in assets under management. The company invests primarily in multifamily properties on behalf of
private and institutional investors in core and value-added investment strategies.
The property was acquired by Matteson on behalf of private investors. Matteson will provide asset
management services and E&S Ring Management Corporation will perform the on-site property management.
Eastdil Secured represented the developer, Signature Properties, in the sale. Northmarq arranged acquisition
financing from PPM and Sentinel on the residential and retail portions, respectively.
The urban midrise apartments in a downtown location are a rare find in Marin County. “We are very pleased
with the investment. The thoughtful design and quality construction put Millworks among the nicest properties
in the Bay Area. Millworks is an example of our investment strategy to acquire newly built multifamily
properties at a discount to replacement cost,” said John Bellack, President of JB Matteson, Inc. “We continue
to invest in apartment properties in the major metropolitan areas on the West Coast to achieve attractive cash
returns on fundamentally sound real estate.”
The Millworks is "Build it Green" certified and is one of the of the highest Green Point Rate buildings in the
area. With features such as a living roof, dedicated bike storage, passive solar heating techniques, energysaving dual glazed low-E vinyl/aluminum windows throughout, Energy Star appliances, and dual flush toilets,
every detail was designed with green building in mind. The Property features many outdoor gathering areas
including a rooftop garden with fountains, three courtyard areas, and a tot-lot. The Millworks also features an
exercise room with state-of-the-art fitness equipment, a community room with flat screen TVs and wifi
throughout, and a library with a quiet reading area.
Whole Foods Market is a supermarket chain that emphasizes natural and organic products. The company
currently operates 302 stores in 38 states, Canada and the U.K. The company is consistently ranked among
the most socially responsible businesses and placed third on the U.S. Environmental Protection Agency’s list
of Top 25 Green Power Partners in 2010.
About The Matteson Companies
Founded in 1965, Matteson is a 45-year-old privately held company engaged in real estate investment and
management, with assets throughout the Western United States. In addition to investing private equity,
Matteson manages core, core-plus, and value added investment strategies in partnership with institutional
investors in multifamily properties. Matteson has invested more than $2 billion in the Western United States,
and currently manages a portfolio valued at more than $1 billion that includes multi-family, office and retail
properties. For more information, visit www.mattesonrealty.com.
JB Matteson, Inc. DRE Lic. 0183031 | One Lagoon Drive, Suite 200 | Redwood City, CA 94065-1562
Tel. (650) 802-1800 | Fax (650) 802-1811 | www.MattesonRealty.com
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