PETALUMA — A San Mateo-based private real estate investment manager on Monday said it acquired a mixed-use development in downtown Petaluma for $32.5 million, making it the third sizable North Bay mixed-use property the company has purchased in the past year.
JB Matteson, Inc., said it acquired Theatre Square Apartments at 151 Petaluma Blvd. S. and 101 Second St. from Theater District developer Basin Street Properties.
Completed in 2005, the three-story mixed-use development has 99 apartments, 43 of which are loft-style, and 22,250 square feet of street-level commercial and retail space.
“Together with Rafael Town Center and Millworks, we now have a significant assemblage of class A urban apartment properties north of the Golden Gate Bridge,” said John Bellack, president of JB Matteson, in a statement. “Like our other recent North Bay acquisitions, Theater Square Apartments appeals to the lifestyle renters who enjoy walkable downtown amenities and transportation options.”
JB Matteson purchased Rafael Town Center in San Rafael in February and Millworks in Novato last year. Theatre Square is the company’s eighth recent acquisition in California.
The commercial portion of Theatre Square is fully leased by Graffiti Restaurant and three office tenants.
Also in the Theater District and the surrounding area are Boulevard Cinemas, Mystic Theater, Walnut Park, shops, restaurants, bars and office space. Theater District has a “walk score” of 97 out of 100.
The mix of one-, two- and three- bedroom residential units have granite counter tops, central air-conditioning, full size washer and dryer, high-speed Internet, walk-in closets and oversized dual-pane windows. The loft-style units were designed to have an “industrial” look, with high ceilings, finished concrete floors, track lighting and large windows. Recent area improvements include enhancements to the nearby riverfront: benches, rustic light poles, walkways, overlooks, and a key footbridge that permits easy access across the river.
JB Matteson (JBMatteson.com) has been in business for 45 years and manages a portfolio valued at approximately $1 billion.
Seth Siegel and Glen Dowling of Cushman & Wakefield represented Basin Street Properties in the Theatre Square Apartments transaction.
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