[caption id="attachment_94040" align="aligncenter" width="500"] Lowenberg Corp. made its first Sonoma County purchase with this 186,000-square-foot Petaluma building. (credit: Todd Quam)[/caption]
PETALUMA -- Lowenberg Corp., which already has one of the largest North Bay industrial real estate portfolios, purchased a 186,000-square-foot Petaluma complex, the San Francisco-based investor's first in Sonoma County.
Lowenberg & Associates, LP, purchased 2200--2240 S. McDowell Blvd. Extension, previously known as Cypress Center, for an undisclosed amount. Before the May 23 sale, Lowenberg owned 1.1 million square feet in 15 buildings in Napa and Solano counties, according to Glen Dowling, who oversees the San Rafael-based Cushman & Wakefield team who brokered the sale.
"She's excited to be in Sonoma County and is pursuing other opportunities there in the future," he said. Susan Lowenberg is president of the commercial property investment company her father, William Lowenberg, started six decades ago.
The seller, 2200--2240 South McDowell, LLC, is an affiliate of PB&J Acquisitions and Investcorp. Together they purchased the property in February 2012 from RNM Properties as part of a $65 million, 14-building portfolio.
[caption id="attachment_94039" align="alignleft" width="350"] This south Petaluma property at 2200--2240 S. McDowell Blvd. was three-fourths leased at the time of sale in late May 2014. (credit: Todd Quam)[/caption]
Key to Lowenberg's purchase of the 11.2-acre property were a high level of occupancy, long-term commitments from the tenants and building features, Mr. Dowling said. The buidling is three-quarters leased to Thermo Fisher Scientific, occupying nearly 90,000 square feet, and Dr. Pepper Snapple Group, almost 50,000 square feet.
The building has 16 dock and grade-level truck doors, 4,000 amps of power serving the building and 24-foot-high ceiling clearance.