North Bay Business Journal

SANTA ROSA — The office market in the North Bay’s largest city appears to have stabilized as tour activity and closed transactions have increased substantially compared to 2008–2010 levels. Property owners continue to compete for tenants at rental rates 10 percent–20 percent below the market peak, but competition appears to be that of a more typical market rather landlord desperation seen in recent years.

SOUTHERN MARIN — The best office spaces in southern and central Marin County are filling up, and the rest of the market is not far behind.

MARIN COUNTY — Central and northern Marin office space markets have strengthened significantly in the past 12 months, with vacancy rates finally dipping below 20 percent for the county.

Commercial real estate leases and sales in north San Francisco Bay Area counties

Commercial real estate leases and sales in the north San Francisco Bay area

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 that much commercial space in more than six years.

Commercial real estate leases and sales in the north San Francisco Bay area

NAPA — Industrial real estate in southern Napa County is enjoying a resurgence of business activity in wine-related businesses, and retail real estate activity is picking up with major properties under construction or being considered for repositioning or redevelopment.

FAIRFIELD — Industrial real estate vacancy in Napa and Solano counties fell 1.4 percentage points in 2011, but immediate availability of office space in the two counties increased a percentage point over the year to even higher levels, according to reports released today.

Denver-based Apartment Investment and Management Co. (NYSE: AIV) is betting about $65 million on the renovation of the 126-unit vacant apartment complex in Corte Madera, amounting to $516,000 a unit. Also: Rowland Plaza to be refi’ed not sold; San Rafael Corporate Center gets medical office rezoning; Deer Creek Village courts Friedman’s, Home Depot; Santa Rosa office short-sale lands big tenant.

SAN RAFAEL — The Marin County Board of Supervisors today approved an $81.9 million plan to purchase a 328,000-square-foot mostly vacant office building and renovate up to 110,000 square feet over the next three years to accommodate a new county Emergency Operations Facility.

Meryl Sebestian of Cornish & Carey Commercial Newmark Knight Frank represented Seaver Enterprises LLC in the sale of the 15,634-square-foot office building at 100 Meadowcreek Dr. in Corte Madera on Aug. 5 to Hapag-Lloyd for $2.4 million. Incorrect information was submitted by the brokerage.

Commercial real estate leases and sales in the north San Francisco Bay Area

As part of a ramp up of Bay Area service, Phoenix, Ariz.-based regional overnight package courier OnTrac is expanding its North Bay hub. … The Marin County Board of Supervisors on Tuesday could postpone a decision to purchase part of a large San Rafael commercial property to be the new home for the Sheriff’s Department and other emergency services currently located at the Civic Center to the south in San Rafael. … Fairfield-based developer, owner and property manager The Wiseman Co. acquired the 30,000-square-foot class A Westside Professional Building at 2480 Hilborn Road and an adjacent pad. … Groskopf Warehouse & Logistics found a large Napa Valley warehouse for its expansion. … Steve and Judy Mahrt, owners of Petaluma Farms, which produces Judy’s Family Farms organic eggs, are back to buying Petaluma office buildings and converting them back to industrial buildings for business expansion, according to local real estate sources.

SAN RAFAEL – Kaiser Permanente’s San Rafael Administration team will soon relocate from its existing location at 1600 Los Gamos Road, crossing over Highway 101 to 100 Smith Ranch Rd., where it has leased nearly 25,000 square feet of space.

PETALUMA — Women’s activewear retailer Athleta, a division of San Francisco-based apparel giant Gap Inc., plans to nearly double the size of its 200-employee headquarters office in Petaluma this fall as the brand’s brick-and-mortar retail initiative picks up the pace.

SAN RAFAEL — The purchase of a mostly full 127,000-square-foot San Rafael office building was part of a a Los Angeles-based real estate investment trust’s plan to grow quickly in key Northern California and Pacific Northwest job markets.

Commercial real estate leases and sales in north San Francisco Bay area counties

PETALUMA — Basin Street Properties has completed the repurchase of three Petaluma office buildings totaling 210,000 square feet, with almost half of it reserved for local photovoltaic system developer Enphase Energy to expand into later this year.

PETALUMA — Cornerstone Properties SA LLC has expanded its North Bay commercial real estate holdings with the purchase of two former Equity Office buildings in Petaluma with a total of 93,000 square feet.