[caption id="attachment_95221" align="aligncenter" width="450"] Former State Compensation Insurance Fund building at 1450 Neotomas Ave. in Santa Rosa (image courtesy of CoStar)[/caption]
SANTA ROSA -- A Petaluma-based commercial real estate investor added 188,000 square feet of industrial and office space to its sizable local portfolio with the purchase of two buildings in the Santa Rosa area.
Cornerstone Properties purchased a 124,337-square-foot warehouse at 975 Corporate Center Pkwy. in southwest Santa Rosa from Zynobia, LLC, on June 18 and the nearly 54,000-square-foot vacant State Compensation Insurance Fund office building at 1450 Neotomas Ave. in east Santa Rosa the following day.
"We believe in this area; we believe in the community, and we continue to do strategic growth," said a Cornerstone Properties principal who declined to be identified.
[caption id="attachment_95222" align="alignleft" width="360"] Front entrance of the warehouse building at 975 Corporate Center Pkwy. in Santa Rosa (credit: Keegan & Coppin)[/caption]
The warehouse was 70 percent occupied at the time of sale, and two deals were in the final stages of negotiations that would take that rate significantly higher, the principal said.
The three-story former state fund building was built in the mid-1980s for the agency, which accommodated more than 300 employees there at its peak operations. The steel-frame class A construction and location near Bennett Valley where a number of executives live made the building attractive to purchase, according to Cornerstone.
[caption id="attachment_95223" align="alignright" width="360"] Back of the warehouse building at 975 Corporate Center Pkwy. in Santa Rosa (credit: Keegan & Coppin)[/caption]