The Kress Building in downtown Santa Rosa was sold for $4.23 million, or about $227 a square foot for the 18,600 square feet of rentable retail and office space in the 80-year-old building at 613 and 615 Fourth St.
The buyer in the Aug. 13 transaction was San Carlos-based Jadsis, LLC, led by Adil Jadallah. The seller was Kress Partners, LLC, led by Robert Miller and Brian Muller. Kress Partners purchased the property in 2003, renovating the upstairs offices immediately after the acquisition and the first floor space for Mary's Pizza in 2007, according to Niels von Doepp, who represented the seller with Jeff Negri also of Cassidy Turley.
Rami Batarseh of Keegan & Coppin represented the buyer.
[caption id="attachment_60766" align="alignleft" width="323" caption="The Kress Building in downtown Santa Rosa (credit: Cassidy Turley)"][/caption]
With only one 720-square-foot upstairs office suite available, the building is 95 percent occupied.
"The high occupancy rate is a reflection of the quality of this building and its location in the heart of Fourth Street," Mr. von Doepp said. "It has a well-lit environment. People want to be in the building."
The largest tenant is Mary's Pizza Shack at street level. Also on the first floor is Clone Digital Printing. Tenants in the upstairs offices, which range from a couple hundred square feet to 1,600 square feet, include Post Carbon Institute, law firms of Brad Chalk and Mark Weinberger, and mechanical engineering firm 15000 Inc.
The building was built in 1932 with the distinctively ornate architecture of an S. H. Kress & Co. department store. The chain operated from 1896 through 1981 and grew to have more than 200 locations.***
Wine order fulfillment services provider Wineshipping (707-933-9063, www.wineshipping.com) last month expanded its new Napa base of operations to nearly 208,000 square feet, according to the Dowling-Bracco Team of Cushman & Wakefield, who represented both sides of the new lease.
In spring of this year, Wineshipping subleased 150,000 square feet of wine warehouse from Constellation Brands at 80 Technology Ct. in south Napa.