New ownership plans upgrades
[caption id="attachment_17030" align="alignleft" width="300" caption="Basin Street Properties plans to renovate Petaluma Marina Office Center, seen here from Highway 101, as a result of its new joint venture to acquire it. (Keegan & Coppin photo; click to enlarge)"][/caption]
PETALUMA -- Basin Street Properties today said it entered a joint venture with Marina Office Park Associates on ownership of the 116,000-square-foot Petaluma Marina Business Center, which is connected to a 183-room Sheraton hotel operated by the Basin Street Hospitality division.
Basin Street, which started in Petaluma and recently moved its headquarters to Reno, Nev., didn't disclose the value of its investment in the property, located at 755, 765 and 775 Baywood Drive along the Petaluma River on the east side of Highway 101. The deal closed Thursday.
"While we will remain involved in the Marina Business Center, we are excited to have the Basin Street team assume management responsibilities," said Larry Wasem, general partner of Marina Office Park Associates, which developed the property, the first phase of which was completed in 1990.
[caption id="attachment_17031" align="alignright" width="300" caption="Aerial view of Petaluma Marina Office Center (Keegan & Coppin photo; click to enlarge)"][/caption]
Basin Street said the new ownership entity, Petaluma Marina Offices Investors LLC, plans capital improvements, including landscaping, signage and upgrades to the exterior and interior.
"With this acquisition, we are strategically positioned in three premier locations -- from downtown to both the northern and southern ends of Petaluma -- offering tenants a diverse mix of quality real estate options," said Basin Street President Matt White.
Basin Street (www.basin-street.com) has a Northern California portfolio of 1.1 million square feet of properties, including developments in Santa Rosa, Petaluma and Napa.
Marina Office investors (www.airportbusinesscenter.com) also own other North Bay properties, including the Roxy Cinema in downtown Santa Rosa, Airport Business Center and Airport Cinema near Charles M. Schulz – Sonoma County Airport, Raven Film Center in Healdsburg, Windsor Golf Club in Windsor and Rooster Run Golf Club in Petaluma.