Also: Investcorp comments on Petaluma; Condo Restoration Associates launches in Napa
Daily management of Cotati-based Soiland Co. passed to founder Marv Soiland‘s fourth son and Chief Executive Officer Mark Soiland. At the same time, the Soiland offices near Charles M. Schulz–Sonoma County Airport are consolidating to the Cotati office, and Marv Soiland’s oldest daughter, Marlene Soiland, will be stepping out of her 35-year role of administrative and financial manager.
“This is the end of an era,” said Marlene Soiland, who had been owner and president of Soiland Management Co. “This is what we have been working towards.”
Kristina Harris, the newly hired controller at Soiland Co., is assuming her role as chief financial officer.
Marv and Marlene Soiland will remain directors on the Soiland Co. board.
Marv Soiland started Soiland Co., Inc. as an underground pipeline construction business in 1962. Since that time, the company transitioned from contractor to producer of road construction and landscaping products, acquiring a stake in Stony Point Rock Quarry (www.soilandrocks.com) in Cotati, Soils Plus in Sonoma, and Grab N’ Grow in Santa Rosa.
The New York-based U.S. real estate arm of hedge fund Investcorp, which has $11.6 billion in assets under management, commented on its recent joint acquisition of 14 Petaluma office, industrial and retail buildings for about $65 million. [See the Business Journal story "Investors buy 14 Petaluma, Rohnert Park buildings," Feb. 27.]
The company said the portfolio acquisition “demonstrates the firm’s continued selectivity and focus on high-yielding assets.”
Investcorp and acquisition partner PB&J Acquisitions of Napa will seek to increase the net operating income of the properties by leasing the currently vacant space and renewing existing tenants.
“This acquisition of a diverse group of Class A properties presents a unique opportunity to generate solid income returns while also advancing leasing and operating income over a longer time horizon,” said Herb Myers, a managing director of Investcorp’s real estate team. “The multi-assets nature of this portfolio should also enable us to pursue, opportunistically, a number of value-creating options.”
Investcorp said Petaluma’s location in the major Bay Area commercial real estate market fits with its strategy of sometimes acquiring properties “in overlooked real estate submarkets, where it is easier to secure investments at attractive valuations.”
Chris Craiker, a Napa-based architect and founder of the Napa Valley Architects Exchange, launched Condo Restoration Associates (www.condorestoration.com) in California and Hawaii.
The new company restores and renovates condominiums, common-interest communities and private residences for homeowners associations, investor boards of directors, developers and real estate-owning lenders. That market includes about 49,000 HOAs in California and more than 10 million homeowners in both states.
“Every condo over 30 years old has deferred maintenance and needs a fresh look and energy renewal,” Mr. Craiker said.
The company uses a network of architects and contractors with collective experience of more than 35 years of construction experience. The company’s partners have renovated the 100 condos of Oak Creek East, located by Silverado Country Club’s south golf course in Napa Valley, as well as developed plans for renovating Marina Vista Apartments in Napa and a number of Marin County properties.
Heritage Salvage (www.heritagesalvage.com) has been repurposing wood from a warehouse owned by hops icon John I. Haas in Washington state since 2010 into reclaimed flooring, custom tables, bars and countertops for local breweries, taverns, wineries and restaurants. The latest pieces created at the three-acre Petaluma yard were sold to three San Francisco restaurants: Galette 88, Southpaw BBQ and Hops and Hominy.
Other sales have been to Lagunitas Brewery and Wild Goat Restaurant in Petaluma, Dean Biersch’s Hop Monk Tavern in Sonoma, Grable Vineyards in Knights Valley and Boca Pizzeria in Novato.
In November, Heritage Salvage expanded to the East Coast via a distribution agreement for its WoodTalks line of reclaimed building materials through EcoSupply of Richmond, Va.
Started 10 years ago in Occidental by current owner Michael “Bug” Deakin, Heritage Salvage has gross revenues of about $1 million a year and employs eight full-time and four part-time employee.
The new classroom building at Marin Country Day School in Corte Madera won the Green Building category in the WoodWorks Wood Design Awards, presented in Long Beach on Feb. 29. Focused on the western U.S., the awards included eight categories and were chosen from a pool of entries from design firms in 11 states.
The project is said to be the first net-zero-energy classroom building in North America. The project design team – EHDD Architects of San Francisco and engineering firm Tipping Mar of Berkeley – won this award for “use of wood to provide a contemporary feel that blends in with the school’s natural surroundings,” according to WoodWorks, an initiative of the Wood Products Council.
The Santa Rosa-based Wine Country chapter of the Interior Design Society received Outstanding Charity Event award at the organization’s Designers of the Year and Chapter Awards Dinner held in Las Vegas on Jan. 28. The chapter partnered with the Rotary Club of Cotati Rohnert-Park to develop the Sonoma Designers Showcase. This event showcased the talents of designers, drew attention from the community and raised $15,000 for three local charities.
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