Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
Sausalito’s Machine Shop: A Commercial Real Estate Opportunity
The Machine Shop is one of many buildings created in the Marinship zone of Sausalito in order to support the massive ship-building efforts during WW2. The once-functional building now sits, boarded up, disintegrating. The dilapidated WWII-era building had once housed equipment used in the building of Liberty Ships for the war effort, sitting on 1.7 acres of valuable land. There is a bus stop nearby, and it’s a four-minute walk to a ferry that services passengers to and from the East Bay, the North Bay, and South San Francisco.
The Machine Shop is located in the northernmost section of Sausalito, making it impossible to build housing there.
Worse, the land is soiled with arsenic, toluene, xylene, and other toxic, cancer-causing chemicals from WW2 boat-building efforts.
So residential use is out. But what about biotech research and development lab space? Could that be considered “industrial”?
The Bay Area was the birthplace of the biotech industry, and as of 2021, it contained about 30 million square feet of lab space. Not enough. Selfishly, I wanted lots and lots of biotech research companies in the Bay Area. Some of their research candidates might become drugs that I could launch. I wondered if the same factors choking housing growth in California were choking the creation of new lab space.
The Machine Shop itself is 38,000 square feet—of an existing condition. And the structure is tall, likely tall enough to fit three levels of lab space within the current footprint. Hard costs for the creation of new lab space here could run up to $1,300 a square foot. For a 114,000-square-foot facility, that would be $150 million dollars. So, theoretically, 114,000 square feet of lab space could fill that already-built industrial structure.
What does the opportunity look like?
With rent for such spaces at about $80 per square foot, that would mean about $9 million a month—$110 million per year. You might even be able to charge $100 a square foot, based on the amazing location.
Maybe somebody will take a shot.
Original Photo Credit: Frank Schulenburg, CC BY-SA 4.0 <https://creativecommons.org/licenses/by-sa/4.0>, via Wikimedia Commons
Disclosure. This original image was from Wikipedia Commons and was sourced via this LINK.
This image was remixed into artworks by PAS Services for author Matt Smith. Attributions as required, were provided as indicated above.
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