The Hamilton Marketplace, which since its opening in 2008 has become a commercial anchor in the south of Novato, has a new owner.
Grosvenor Americas sold the 90,769-square-foot complex in a deal that was incorporated with the county on Aug. 18. The buyer was the Iowa Government Employee Pension System.
“This sale gives us the opportunity to reallocate capital and expand the placement through reinvestment in the San Francisco Bay Area,” said Mark Pardee, vice president of Grosvenor Americas.
The company’s announcement does not include a sale price, but the county’s documented property transfer tax – $ 73,975 – suggests the price was about $ 67.3 million.
The property includes four parcels with an estimated value of approximately $ 45.8 million for 2020, according to the county appraisal registrar’s office. The county received $ 643,109 in property tax revenue last year.
Vicki Parker, director of economic development at Novato, said she was unable to provide data on sales tax revenues at the mall due to “the way the data is aggregated and because of privacy concerns.”
“I can say that most of our shopping centers are extremely important sources of income,” she said. “The likes of the Hamilton Marketplace, which also function as community gathering places, are even more important because of the additional role they play.”
The mall includes Safeway and its associated gas station, Wells Fargo Bank, several restaurants and small businesses. Grosvenor America said the complex is fully leased.
Wee Majlessie, manager of the downtown Toast restaurant, said he had not been told about plans to raise rent. He said he saw no reason to be concerned about the change of ownership.
“As long as they don’t bother us and allow us to keep doing what we’ve been doing for the last 10 or 12 years, then not,” he said. “It’s their business.”
The Iowa Government Employee Pension System is a $ 43 billion fund, reaching about 170,000 workers and 126,000 retirees. According to the latest annual report, as of June 30, 2020, his real estate portfolio was nearly $ 2.1 billion.