(This spotlight on major commercial developers is comprised of companies and their leadership that have undertaken major projects in the North Bay. They are listed first by county and then alphabetically by company.)
Wick Polite, president, Seagate Properties Inc.
980 Fifth Ave., San Rafael 94901; 415-455-0300; seagateprop.com
North Bay project: San Rafael Corporate Center, San Rafael — third phase: an 80,000-square-foot class A office building; to be built sometime in the next three years.
Seagate owns and manages about 3 million square feet of office, industrial and retail space as well as several hundred apartments in mostly Western states. That includes about a half-million square feet of Marin properties such as Montecito Plaza Shopping Center in San Rafael.
Seagate and the asset-management division of New York-based JPMorgan Chase & Co. acquired San Rafael Corporate Center in mid-2007. The first two four-story buildings totaling 155,000 square feet were finished in 2001 by a previous owner and are mostly occupied, according to Mr. Polite. The third and fourth buildings, each with 80,000 square feet, and a parking garage were completed in 2009.
The third and final phase of the five-building, 400,000-square-foot class A office development on 13 acres of central San Rafael was approved for medical offices in 68,000 square feet of the development to accommodate physician offices or a small clinic, space for which are in demand in the county, according to Mr. Polite.
BioMarin signed a 10-year lease for 120,383 square feet of office space in two buildings at San Rafael Corporate Center — all of previously vacant 770 Lindaro St. and two floors of of 790 Lindaro — and moved 300 employees into the space in September 2012.
Dennis Allen, managing Partner, Urban One
P.O. Box 71128, Los Angeles 90071; 213-618-9781; urbanone.com
North Bay project: Hanna Ranch, Novato — develop 19 acres south of Vintage Oaks Shopping Center with a three- and four-story hotel with 116 rooms, a single-story 13,500-square-foot retail building, a 42,000-square-foot two-story building with offices over shops, two 5,000-square-foot restaurant sites and about 10.5 acres of hillside parkland; approved in December 2011; estimated cost $30 million
With a background in real estate investment analysis, acquisition and development with The Kor Group, Starpoint Properties and UBS, Dennis Allen, 40, started Urban One to manage complex development projects.
Pacific Star Capital LLC of Los Angeles, acting as Hanna Novato LLC, brought in Urban One after it acquired the Hanna Ranch property in mid-2008 from San Francisco-based Wilson Meany Sullivan, which was unsuccessful in getting approval for a 130,000-square-foot The Home Depot store to anchor a retail development on the site. Urban One took a different approach, with lower-key buildings proposed to complement a pond and the slopes of the property.
Douglas Pope, managing member, Headwaters Development Co. LLC
50 Fullerton Ct., Ste. 203, Sacramento 95825; 916-564-8899; headwaterscompanies.com
North Bay project: Napa Commerce Center Industrial Park, south of Devlin Road at South Kelly Road, American Canyon– 218-acre joint venture with Deutsche Bank’s RREEF group; up to 2 million square feet of commercial space in buildings ranging in size from 50,000 to 400,000 square feet; draft EIR under review and development agreement under discussion.
The first 646,000-square-foot warehouse was put on hold in 2010, but an overpass across the railroad tracks was completed and Devlin Road was extended onto the property. A draft environmental impact report was circulated for comments in 2012, and city officials started negotiating a development agreement early this year.
Mark Taylor, partner, McMorgan & Company
One Front St., Ste. 500, San Francisco 94111; 415-788-9300; mcmorgan.com
North Bay project: Greenwood Business Park, 1535 Airport Rd., Napa — first phase: 228,000-square-foot warehouse; second phase: 75,000-square-foot warehouse; entitled, speculative construction of the first phase in 2013–2014; estimated cost: $20 million-plus
MNCVAD-Ind Greenwood CA, LLC, managed by McMorgan & Company and New York Life Real Estate Investors, purchased the 18-acre former Greenwood Commerce Center project at 1535 Airport Rd. near Napa County Airport from a lender on July 30 for an undisclosed amount. Sierra View Construction and The Pigman Cos. as Napa Gateway Holdings had bought the property in early 2008 and secured entitlements before a lender foreclosed in early 2010.
The recent Napa purchase is the first investment for the Northern California Value Add/Development Fund, launched in June with $91 million from six pension funds, according to Mark Taylor, a McMorgan partner for Northern California projects. Attractiveness of the Napa deal came from a lack of uncertainty in a project with entitlements and clearances for zoning and wetlands in place along with the tight marketplace for wine warehouse space, he said.
“There is uncertainty up there with vintners needing to or wanting to store wine for ‘Napa Valley’ on the label in a market with 5 percent vacancy,” Mr. Taylor said. The market for southern Napa Valley industrial space has since tightened to low single-digit vacancy rates.
Mel Souza, partner, Panattoni Development Co.
8775 Folsom Blvd., Ste. 200, Sacramento 95826; panattoni.com
North Bay project: Napa Airport Commerce Centre, American Canyon — up to 750,000 square feet of warehouse space; eight small for-sale office buildings on 55 acres; proposed.
Panattoni Development has been a major developer of industrial real estate in Napa Valley, particularly in Green Island Industrial Park in American Canyon. A proposal for the 12-acre first phase with four warehouses has been awaiting the extension of Devlin Road from Airport Boulevard south past the Headwaters development and this site to American Canyon. That road work began this summer.
Joseph Peatman, president, Peter A. and Vernice H. Gasser Foundation
433 Soscol Ave., Ste. A-120, Napa 94559; 707-255-1646; gasserfoundation.org
North Bay projects: Napa Tulocay Square, Napa — joint venture with BLT Enterprises to build 110,000 square feet of retail and commercial space plus 500 high-density housing units on 21 acres; approved. South Napa Century Center, Napa — joint venture 12-screen movie theater-anchored 163,000-square-foot shopping center with Hearn Construction on 15 acres; theaters completed in fall 2012, building the rest of the center targeted for 2013.
Construction on the 2,051-seat movie multiplex anchoring South Napa Century Center started in August 2011. The theaters opened Nov. 7, 2012, and has welcomed about 700,000 movie-goers so far.
In May 2012, Spartanburg, S.C.-based OTO Development signed a ground lease to build a 115-room Hampton Inn & Suites-branded hotel on the southwest corner of the project site, located between the Napa River and the Silverado Trail at Imola Avenue. It is set to open in mid-2015.
The project will also have a 36,000-square-foot InShape Fitness building, set to open in fall 2014.
Keith Rogal, founder and general partner, Rogal + Walsh + Mol
5 Third St., Ste. 1014, San Francisco 94103; 415-922-1000; rogalwalshmol.com
North Bay project: Redevelopment of the former Napa Pipe Corp. plant, Napa — 154 acres; 700,000 square feet of industrial space to be converted into an “urban village” with less than 1,000 attached and multifamily homes, 320,000 square feet of commercial and industrial space, a 150-room hotel and 400-student elementary school; approved by Napa County Planning Commission; estimated cost: $500 million.
Napa Redevelopment Partners LLC, made up of Rogal + Walsh + Mol and Farallon Capital Management, acquired the former Napa Pipe factory property in 2005. It’s the most significant project to add housing stock in the North Bay and is expected to be developed over 10–15 years.
The project has undergone a number of revisions to scale back the planned number of homes and commercial space. It underwent a major revision in May 2012, reduced from nearly 2,600 dwellings to 2,050 and adding a 154,000-square-foot Costco Wholesale store, 150-unit continuing care retirement center and 150-room hotel.
The number of homes was cut by more than half last fall before the Planning Commission approved the project in October. Other changes included trimming office space to 100,000 square feet and warehouse space to 75,000 square feet. The Napa County Board of Supervisors in June approved General Plan and zoning changes that aids commercial and residential development.
Mr. Rogal’s previous projects include redevelopment of a trailer park in the Carneros region between Napa and Sonoma counties into the high-end Carneros Inn resort. He also has been consulting on Zapolksi Real Estate’s redevelopment of the downtown Napa shopping center now called The Shops at Napa Center.
George Condon, development consultant, Sponsor Properties
1419 Arena Dr., Davis 95618; 916-956-0033; sponsorproperties.com
George Condon is the development consultant for Benicia-based E&P Properties on two sizable south Napa wine-oriented warehouses. E&P Properties, led by Dennis Pauley, owner of Benicia-based Metropolitan Van & Storage, in early September broke ground on a second 103,000-square-foot warehouse, going up on 5.8 acres of vacant land on Technology Way at Airpark Road in Napa Valley Gateway Business Park.
E&P built the first warehouse, finished in spring 2012 at 1560 Airport Rd., to accommodate growth of Metropolitan Van & Storage.
Mr. Condon has been in real estate development for three decades and started Sponsor in 2008. Previously, he developed 3.1 million square feet of industrial and office space for Sacramento-based Panattoni Development and 2.4 million square feet for Hogland, Bogart + Bertero.
Todd Zapolski, principal, Zapolski Real Estate, LLC
1300 First St., Napa 94559; 707-257-6600; zapolskire.com
North Bay project: The Shops at Napa Center, Napa — redevelopment of three buildings at the 123,000-square-foot Napa Town Center into a 156,000-square-foot “lifestyle” retail center and seven-story hotel with 50 to 180 rooms; approved, renovation started in early 2013, hotel in spring 2014; estimated cost is $70 million for retail, $70 million for the hotel.
Co-founder of real estate development company Zapolski + Rudd in 1998, Todd Zapolski parted ways with Leslie Rudd in 2008. Zapolski Real Estate has developments on the West Coast and East Coast, including the recent addition of Tesco’s Fresh & Easy Neighborhood Market store to Napa.
Zapolski Real Estate is coordinating redevelopment of Napa Town Center, now called The Shops at Napa Center, for NTC Shops, LLC. It acquired the property — not including the Kohl’s department store building — from Altamura Enterprises in May 2012, following City Council approval of a 20-year plan for downtown development. Key to that was the allowance of a seven-story hotel. Only half the center, which occupies two blocks of downtown, was leased at the time of the sale.
In August of this year, LodgeWorks Partners of Wichita, Kansas, announced a plan to build a 185-room, seven-story luxury hotel at The Shops at Napa Center by mid-2016. LodgeWorks, which built a 141-room downtown Napa hotel now called Andaz, plans the new hotel to be the second location under the Archer brand, following one in New York.
In addition to renovating the central shopping center, Zapolski will redevelop the 18,000-square-foot Merrill’s building as well as two other buildings on First Street with another 5,200 square feet. The 9,300-square-foot Dunne Building that Zapolski purchased earlier this year also will be part of the renovated center when it reopens in spring 2014.
Kevin Ramos, chief investment officer, The Buzz Oates Group of Companies
8615 Elder Creek Rd., Sacramento 95828; 916-379-3800; buzzoates.com
North Bay project: Solano Logistics Center, Fairfield — 791,000-square-foot, two-building distribution warehouse project; construction started in May on the first building; $30 million
The Buzz Oates Group of Companies is no stranger to Solano County development. In May the real estate developer and builder broke ground on the mammoth Solano Logistics Center project near the Busch industrial park of south Fairfield. The project took just six months to move from land purchase to site work.
In July 2012, the Fairfield City Council approved a development agreement with The Buzz Oates Group of Companies, a commercial real estate developer and owner out of Sacramento, to purchase 46 acres of surplus city land on Cordelia Road south of the eastern junction of Interstate 80 and Highway 12 for $4.5 million, and the deal closed escrow in the fall.
Site work began in early May for a 318,000-square-foot building to be completed by year-end. The entire building is leased to Encore Glass of Benicia. Construction on the second, 473,000-square-foot building in Fairfield is set to come out of the ground this year and be done by late 2014.
Buzz Oates has 1.5 million square feet of existing commercial space in Vacaville portfolio, and little is left to lease. Another 1 million square feet could be build on more than 75 acres of land there. Projects there could proceed this year.
Larry Wasem, managing general partner, Airport Business Center
414 Aviation Blvd., Santa Rosa 95403; 707-578-5344; airportbusinesscenter.com
North Bay project: Airport Business Center phase 7, Windsor — the latest expansion to the 463-acre business park has 17 acres of industrial land.
Airport Business Center, located near Charles M. Schulz–Sonoma County Airport north of Santa Rosa, is the North Bay’s largest business park. Larry Wasem and Richard Coombs started the park, and the other holdings include the 50 Old Courthouse Square office building and two movie theaters in downtown Santa Rosa as well as golf courses in Windsor and Petaluma.
Airport Business Center has about two dozen acres left to develop, including five of the 17 acres in the development’s phase 7, located along Conde Lane in Windsor. Wine Country Shipping signed a build-to-suit deal for a 31,000-square-foot distribution facility to be built in that phase, and the facility is set to open by December. Current occupants there are DuMol and Marcassin wineries and retailer Tractor Supply Co.
The business park sold 3.5 acres, with options on another 7.5 acres, to Santa Rosa-based American AgCredit, and the park is managing a project to build 50,000 square feet of offices to house the lender.
Barney Aldridge, chief executive officer, Aldridge Management and Highway Partners, LLC
6770 McKinley St., Ste. 120, Sebastopol 95472; 707-824-5600; thebarlow.net
North Bay project: The Barlow, Sebastopol — 11 new light-industrial and retail buildings with 96,000 square feet of space; under construction; 12.5-acre property acquired for $12 million. Backed by $23 million in construction financing, redevelopment began in early 2012 and exteriors were complete by the end of that year.
Barney Aldridge owns and manages 240,000 square feet of office, retail and industrial space in Sebastopol and Boulder, Colo. Sebastopol Industrial Park, which includes The Barlow redevelopment project of the former Barlow Co. apple-processing plant on Morris Street at the eastern city entrance, was acquired in 2006 for $12 million. The 125,000 square feet of existing industrial space were fully leased at the outset of the redevelopment.
Construction started in early 2012 on replacing the Barlow building with 11 concrete-and-steel-framed buildings, extension of McKinley Street to connect with Morris Street and central development outdoor stage. After the first opening — Kosta Browne Winery’s barrel cellar in October 2012 — the development has welcomed 28 tenants in 18 buildings. Among the tenants are production wineries, a brewery and a distillery. All but a few tenants, including a second natural-foods store for Community Market as well as a new home for MacPhail Wines, are set to open by the end of this year.
The development hosted a grand opening Saturday.
“The community wanted the property to remain what it was in industrial uses and have a campus of artisan producers,” Mr. Aldridge said, noting that the site, along with the recently revamped theaters across the street, will become a cultural hub. “Sebastopol needs a place to gather, because it is a crossroads and has not had a center for the community.”
Matt White, president and CEO, Basin Street Properties
1383 N. McDowell Blvd., Ste. 200, Petaluma 94954; 707-795-4477; basin-street.com
North Bay projects: Approvals to build 300,000 square feet of office buildings at Fountaingrove Executive Center in northeast Santa Rosa, Harvest Business Center by Charles M. Schulz–Sonoma County Airport, Redwood Business Center in northeast Petaluma and Petaluma Marina Office Center in southeast Petaluma. Construction started on a 56,000-square-foot office building at Redwood Business Center in October.
As the tech-led recession of 2001 led to higher vacancies in local tech companies, Basin Street sold 1.45 million square feet of office space in Sonoma and Marin counties in 2005 and relocated its headquarters to Reno, Nev., in 2009 as the company focused on hospitality, multifamily, retail and mixed-use projects elsewhere in Northern California and in the Reno area.
In the first half of 2011, Basin Street re-acquired seven Petaluma buildings for $21 million from lenders and spent millions more upgrading them for new tenants, namely 96,000 square feet for Enphase Energy. In October 2012, Basin Street bought back 14 Santa Rosa buildings from Equity Office for roughly $65 million and plans to spend $6 million over four years on upgrades and tenant-improvement incentives.
Last month, Basin Street broke ground on a 56,000-square-foot office building at Redwood Business Center to house 38,000 square feet of expansion for telecommunications equipment and software developer Cyan in late 2014. Also in October, Basin Street purchased the nearly 100,000-square-foot Shoreline Office Center complex in Mill Valley. The investor-developer sold the Veterans Administration clinic building at Harvest Business Center in mid-2013.
Brigitta Brondi, president, Brondi Development
3625 Westwind Blvd., Santa Rosa 95403; 707-579-2400; westwind-businesspark.com
North Bay project: Westwind Business Park, Santa Rosa — 80-acre master planned development with 11 building pads prepared for immediate construction of up to 700,000 square feet of office and flex space
Brad Baker, president and CEO, Codding Enterprises
1400 Valley House Dr., Rohnert Park 94928; 707-795-3550; sonomamountainvillage.com
North Bay projects: Sonoma Mountain Village, Rohnert Park — 175 acres; 839,000 square feet of commercial, office and retail space, including 500,000 square feet of existing office and warehouse space; planned urban village with 951 multifamily units and 743 single-family homes; approved; first phase possibly could start in 2011-12. Coddingtown, Santa Rosa — 930,000-square-foot mall built in 1960; undergone upgrades; eyed for possible redevelopment. Former Los Robles Lodge site, Santa Rosa — 3.5 acres south of Coddingtown.
In the past seven years, the company acquired the 200-acre former Agilent Technologies campus in Rohnert Park, now called Sonoma Mountain Village, entered a $50 million joint venture with Simon Property Group to reposition and renovate Coddingtown Mall and acquired the shuttered Los Robles Lodge property just south of the mall.
Coddingtown has had a significant interior and exterior facelift over the past two years, and the mall has welcomed a number of new tenants, including BJ’s Roadhouse restaurant. Currently, a 144,000-square-foot, single-story Target store, set to open next year, is being built where a two-story vacant Gottschalks store once stood.
On the Los Robles site just south of Coddingtown, a 50,000-square-foot Dick’s Sporting Goods, to be the county’s second such store, is planned to be built.
Hugh Futrell, CEO, Hugh Futrell Corp.
200 Fourth St., Ste. 250, Santa Rosa 95401; 707-568-3482; hughfutrellcorp.com
North Bay commercial projects: Museum on the Square, Santa Rosa — extensive renovation of the former AT&T downtown switching building into five-story commercial building. 250 Davis St., Santa Rosa — four-story, 70,000-square-foot class A office building with ground-floor retail and interior parking; approved but on hold. 888 Fourth St., Santa Rosa — seven-story mixed-use building with 6,200 square feet of office and retail space and 52 housing units; approved. 499 Humboldt and 670 Seventh streets, Santa Rosa — five-story, 52-unit multifamily building with ground-floor retail space; under construction; $12.8 million.
Licensed general contractor, real estate broker and Santa Rosa native Hugh Futrell and Bill Carle, executive vice president, have built and consulted on more than three dozen residential, commercial and mixed-use projects in the North Bay.
Construction started in fall 2012 on a five-story Humboldt Apartments project, and 51 affordable units and a manager’s dwelling in central Santa Rosa are nearing completion. It’s a joint project with Community Housing Sonoma County NPR.
The redevelopment of the AT&T building in downtown Santa Rosa into a glass-skinned office building has been in the works since the former city redevelopment agency bought it in 2007. The sale to a development group led by Hugh Futrell Corp. was approved this summer. Key tenants are to be Luther Burbank Savings and TLCD Architecture, which is part of the design team. Sonoma County Museum opted not to expand into the project.
Greg Geertsen, managing director, Merlone Geier Partners
425 California St., 11th floor, San Francisco 94104; 415-693-9000; deercreekproject.com
North Bay project: Deer Creek Village, Petaluma — 346,000-square-foot retail and office development on 36.5 acres; construction started in May–June; estimated cost: $65 million.
Started in 1994, Merlone Geier develops and redevelops retail and mixed-use projects in Western states. The firm acquired the Deer Creek project, located between Highway 101 and North McDowell Boulevard, from Downey Savings & Loan in August 2009. The project has had a number of delays over several years for a number of reasons, including changing city land-use policies and oppositions from local neighborhood groups.
One early proposed anchor tenant, Lowe’s Home Improvement, dropped its plan to go there in October 2011, attributing the decision to project delays and a companywide realignment. Santa Rosa-based Friedman’s Home Improvement shifted its plans for a Petaluma store to Deer Creek from Regency Centers’ East Washington Place new regional mall project, which is nearing completion.
The Friedman’s store, amounting to about half the project’s square footage, is set to open next year.
Richard Deringer, president, Odyssey Development Co. LLC
P.O. Box 1316, Sonoma 95476; 707-310-2291
North Bay projects: West End Village, Santa Rosa — 42 single-family attached row homes and 5,000 square feet of retail in Railroad Square. DeTurk Winery Village, Santa Rosa — 73 attached single-family homes in Railroad Square. Windsor Creekside Village, Windsor — 179 attached and detached small-lot single-family homes, 65,000 square feet of commercial space and a 100-room hotel; seeking housing-construction allocation under town growth ordinance. Sonoma Valley Business Park, Sonoma — 300,000 square feet of wine and food-related light industrial space on 40 acres; approved by county.
Odyssey Development has undertaken mixed-use projects in the city of Sonoma and have received approvals for two large redevelopment projects in the Railroad Square district of downtown Santa Rosa. Sonoma Valley Business Park is a joint venture with Jay Ryder of Ryder Homes. As it awaits a major mixed-use development around the Sonoma-Marin Area Rail Transit depot in Railroad Square, Odyssey has been leasing existing warehouse space.
Komron Shahhosseini, project manager for site acquisition and development, OSL Management LLC
220 Concourse Blvd., Santa Rosa 95403; 707-535-3200
North Bay project: Bell Village, Windsor — 77,600 square feet of retail space anchored by an Oliver’s Market store on 6.3 acres of a nearly 25-acre site with 29 townhouses and 374 condos; approved, construction set to start in spring 2014; estimated cost $70 million-plus.
This is a project led by Bill Gallaher, developer of the Oakmont senior community of Santa Rosa and a number of other projects. The company is redeveloping the Windsorland 200-space mobile home park for property owner Bell Village LP. The project was approved by January 2012, just after Rohnert Park-based Oliver’s entered an informal deal to put a grocery store there. Oliver’s officially committed to the project later in the year.
The first phase of the project will be the 77,600 square feet of commercial space and 80 of the approved 387 stacked flats and townhomes. Additional four-story, 150-unit residential buildings would be built each year thereafter. Plans were dropped this summer for a 12,000-square-foot pharmacy below the future offices of developer Mr. Gallaher’s ventures, including Oakmont Senior Living.
The project also includes extensive improvements to Old Redwood Highway along the length of the project, including two roundabouts at project entrances and elevated sidewalks to protect native oaks.
Peter Knoedler, senior vice president of investments, Regency Centers Corp.
2999 Oak Rd., Ste. 1000, Walnut Creek 94597; 925-279-1800; regencycenters.com
North Bay projects: East Washington Place, Petaluma — 378,000-square-foot regional shopping center anchored by a 139,000-square-foot Target store, plus 16,000 square feet of office space on 33 acres; anchor-tenant buildings completed in late summer, shop spaces set for completion year-end; estimated cost $185 million.
Regency acquired the former Kenilworth school property in Petaluma in 2004. The project was approved in February 2010, but lawsuits by a local group and Regency delayed the project until an agreement was reached that July.
The City Council approved a change to the project in September 2011, allowing the square footage of six of the buildings to be combined into four larger buildings to accommodate bigger tenants. Beside Target, junior anchors are TJ Maxx, Dick’s Sporting Goods, Sprouts Farmers Market, HomeGoods, Ulta and BevMo! Only about 13,000 square feet in five spaces remained to be lease as of this fall.
Paul Elmore, president, RNM Properties
135 Main St., Ste. 1140, San Francisco 94105; 415-356-2000; rnmproperties.com
North Bay projects: Cader Corporate Center, Petaluma — 354,000 square feet of office space on 20.4 acres; South McDowell East, Petaluma — 240,000 square feet of office space on 13.6 acres; both have entitlements and site building pads.
RNM started in 1983 by Oracle Corp. co-founder Robert Miner and has more than 1 million square feet of office properties in San Francisco and San Jose. In February, RNM sold its North Bay portfolio – 14 Petaluma and Rohnert Park office, industrial and retail structures with 842,000 square — to Napa-based PB&J Acquisitions for about $65 million. RNM retained ownership of the approved development projects.
Joan Woodard, president and CEO
Larry Simons, founder and chairman
Simons & Woodard Inc.
100 Stony Point Rd., Ste. 180, Santa Rosa 95401; 707-524-6300; simonsandwoodard.com
North Bay project: Northpoint Corporate Center, Santa Rosa — 32 acres remain undeveloped with entitlements and zoning for up to 600,000 square feet of business park uses; all but six acres is entitled, properly zoned and declared to have no effect on listed species.
Simons & Woodard manages about 1 million square feet of commercial space in Santa Rosa. One prospective user for the development land at Northpoint Corporate Center in southwest Santa Rosa is Kaiser Permanente, which is considering the construction of a medical office building on 10 acres.
Joan Woodard rose to the top executive position in the firm in 2001 and in 2006 became an owner in the commercial real estate design, development and management firm architect Larry Simons started four decades earlier. Her real estate finance, development and leasing career started in the early 1970s and included work with the Rockefeller family portfolio, Bramela and The Disney Co.
William Saks, principal, William A. Saks & Co.
1010 Main St., St. Helena 94574; 707-968-9696; williamasaks.com
North Bay projects: Carneros Business Park, Sonoma — 53 master-planned acres in 17 parcels; approved for 575,165 square feet of buildings, three lots sold, 13 lots left to develop. Napa Executive Center, south Napa – 67,930-square-foot, three-story office building on 4.33 acres at the north end of the Gateway Road East cul-de-sac in Napa Valley Gateway Business Park; approved in January 2012; cost analysis under way.
Bill Saks has been in residential, commercial and recently hospitality development for three decades. The firm manages Carneros Business Park for the Heck family. Buildings there so far are 30,000-square-foot Carneros Business Condos, Ganau America cork-processing facility and a production plant for Laura Chenel’s Chevre. The development is currently being marketed for $20.3 million.
“You’re still able to industrial buildings below replacement costs,” Mr. Saks said. “Ground-up only makes sense for owner-users, because of the tax advantages, longer timeframe for facilities planning and the ability to customize it to a business needs. It’s a rather narrow market sector. But the national trend in industrial vacancy rates is below 10 percent, and that tends to mobilize developers to look for land because of the time it takes to put keys in the door.”
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