Investors buy 14 Petaluma, Rohnert Park buildings

[caption id="attachment_49605" align="alignleft" width="300"] One of the largest and newest buildings in the RNM Properties portfolio was South McDowell Landing, finished in 2007.[/caption]

PETALUMA and ROHNERT PARK -- A local group of real estate investors that purchased three Redwood Business Park buildings in Petaluma last summer is back in a big way, buying 14 Petaluma and Rohnert Park office, industrial and retail structures, which at 842,000 square feet is the largest North Bay sale of commercial space in more than six years.

 Investcorp comments

March 19, 2012

The New York-based U.S. real estate arm of hedge fund Investcorp, which has $11.6 billion in assets under management, commented on its recent joint acquisition of 14 Petaluma office, industrial and retail buildings for about $65 million. [read more]

Napa-based PB&J Acquisitions, LLC, and Investcorp International Inc. of New York on Feb. 17 purchased RNM Properties' entire North Bay portfolio of existing buildings, according to PB&J partner Bill Sumski. The followup purchase by PB&J continues a trend in the past two years with more than 2 million square feet in Petaluma commercial properties that have changed ownership and subsequently enjoyed a surge in leasing.

San Francisco-based RNM Properties, started in 1993 to invest trust funds for family of Oracle Corp. co-founder Robert N. Miner, has been developing and building in south Petaluma business parks for more than two decades and is set to continue to do so. Not included in the sale are 34 acres of south Petaluma business park land, approved for 580,000 square feet of office space in seven buildings.Deal by the numbers

Buyers: PB&J Acquisitions, LLC, and Investcorp International Inc.

Sellers: RNM Lakeville, LLC, and NJL Fountaingrove, LLC

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