PETALUMA -- Gluing Machinery and Systems Inc. is moving one building away on McDowell Boulevard in Petaluma and has plans to expand.
According to co-owner John McArdle, the move will allow the nine-employee maker of automated gluing applications to expand.
"We were feeling growing pains in our current space and were trying to lease more space when the bank foreclosed on the building," he said.
The building at 1373 N. McDowell Blvd. was one of more than a dozen Petaluma commercial buildings owned by Equity Office Properties that went back to lenders last year. Basin Street Properties, which sold 1373 N. McDowell and and the others to Equity Office in 2005, repurchased them in March.
Negotiations with the bank did not progress, Mr. McArdle said.
"So we found a better space one building over, with room to expand," he said.
Six-year-old Gluing Machinery, spun off of a 15-year-old product line, serves the print and packaging industry with its automated systems. The company has "thousands of customers on every continent," said Mr. McArdle.
He and his partner expect to complete the move in August.
The 10-year lease on the 10,624-square-foot office and warehouse space at 1310 Redwood Way, Suite B, -- another former Equity Office building -- was arranged by Preston Smith of Cornish & Carey Commercial Newmark Knight Frank and Rhonda Deringer of Keegan & Coppin.
AMPLIFICATION, May 17, 2011: Basin Street Properties, which sold 1373 N. McDowell and and the others to Equity Office in 2005, repurchased them in March.