Top commercial real estate deals 2009 through the first quarter of 2010
(See the photo gallery of deal-makers)
The financial crisis of 2008 created a very slow commercial real estate market in 2009. However, activity started to pick up at the end of 2009 and into the first quarter. This collection of top deals and deal-makers from that period illustrates that nimble negotiators can close deals in a market where there are many worried tenants and financiers.
A number of the deal-makers were affiliated with other brokerages when the transactions closed. Their former affiliations are noted in parenthesis.
The “Top Deals and the People who Made them Happen” are listed by leases and sales for each county. They are based on submissions from the top 10 largest brokerages. Where applicable, the top five deals are highlighted.
Sonoma County leases2200 S. McDowell Blvd., Petaluma
Size (s.f.): 89,460
Type: Industrial lease and consolidation
Tenant: Thermo Fisher
Total consideration: $7,246,260
Listing and for the tenant: Steven Leonard, Trevor Buck and Brian Foster of Cassidy Turley/BT Commercial
Deal done: May 22, 2009
Massachusetts-based Thermo Fisher inked a 10-year lease of former Tellabs and AFC manufacturing space consolidating its various North Bay acquisitions over the years.
McDowell Corporate Center, 1035 N. McDowell Blvd., Petaluma
Size (s.f.): 82,082
Type: Office lease renewal
Landlord: RNM Properties
Tenant: Calix Networks
Total consideration: $6,658,917
Listing: Steven Leonard, Trevor Buck and Brian Foster of Cassidy Turley/BT Commercial
For the tenant: Brian Gleason of Cornish & Carey Commercial (UGL Equis)
Deal done: March 2009
Mr. Gleason evaluated a number of sites in the market for total rent and relocation costs, employee drive times, building configurations and available electricity. Renewal of the lease was found to be the best option.
5195 Redwood Drive, Rohnert Park
Size (s.f.): 45,139
Type: Retail lease
Tenant: B & B Inc., dba Escape Enterprises
Listing: Tom Laugero of Keegan & Coppin
For the tenant: Shawn Jackson, Esq.
Deal done: March 31, 2010
Two years after defunct Levitz Furniture vacated its Rohnert Park store, brothers Anthony and Jonathan Bergland entered a three-year "creative leasing" deal to remake the store as a paintball-themed entertainment center, according to Mr. Laugero.
"It gives them a shot to make the business work and gives the owner mortgage relief," he said.
Sonoma Mountain Village, 1200 and 1500 Valley House Drive, Rohnert Park
Size (s.f.): 44,000
Type: Lease of 15,000 square feet of offices and 29,000 square feet of warehouse for consolidation and expansion
Landlord: Codding Enterprises
Tenant: SolarNet LLC
Listing: Lois Codding of Codding Enterprises
For the tenant: Barry Palma of Cornish & Carey Commercial (Orion Partners)