North Bay Business Journal

After the November opening of the 12-screen movie complex at the 163,000-square-foot South Napa Century Center, the 15-acre project is set the construction premiere of one to three more retail buildings this summer. …

A year and a half after an affiliate of San Francisco-based Pacific Urban Residential Properties, or PUR (purapts.com), purchased The Colonial Apartments in San Rafael, the San Francisco-based investor sold it for a “nice profit.” …

Technology and social media wages are being spent here in wine clubs and hospitality. Eventually, some of those employees will buy houses in the North Bay. That intellectual capital will create companies, some starting in the North Bay or moving here.

Going forward, we see substantial increases in sales of commercial real estate properties as investors realize we are at the trough of the market, with prices on the rise.

The new owner of Napa Town Center plans to announce new retailers and an operator of a hotel to be built in the redeveloped shopping center, now called The Shops at Napa Center.

Meanwhile, a number of Generation Y entrepreneurs plan to move their “soft goods” businesses into the downtown area, building on the retail energy created by dozens of new wine-tasting rooms and restaurants there.

The North Bay’s low vacancy rate — not as much as the economy — is the biggest challenge to North Bay retail property. Increasingly rare available quality retail space and soaring rents for it are discouraging retailers.

PETALUMA — New leases to Beverages & More, JPMorgan Chase Bank and Chipotle Mexican Grill bring the 291,000 square feet of retail space under construction at the East Washington Place project to more than 90 percent leased, even as the scheduled opening of the anchor Target store is still months away.

TIBURON — Two North Bay commercial property investment companies purchased 10 downtown Tiburon buildings with 72,000 square feet of retail and office space from a major force for real estate development in the town more than a half-century ago.

NAPA — A major proposed redevelopment of 156,000-square-foot shopping center in the heart of downtown Napa will now go forward, after the Napa City Council unanimously approved a 20-year plan to guide the area’s development and the months-long suitor for the property purchased it.

FAIRFIELD — Westfield Solano is part of an eight-property, $1.154 billion pending sale of “non-core” shopping centers across the country announced today.

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

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

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

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

NAPA — If ever there were a window for opportunity in downtown Napa, it’s now. More retailers and restaurants have set up businesses and more are coming.

NORTH BAY — Shopping centers in Marin and Napa counties have very little available space overall, moving rents higher. Larger-population Sonoma and Solano counties have vacancy rates two to four times as high, but the markets are expected to stabilize.

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

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

PETALUMA — Friedman’s Home Improvement, the largest locally owned home improvement retailer in the North Bay, announced today it’s returning to Petaluma 66 years after brothers Benny and Joe Friedman opened the original store.

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.

MARIN CITY and NAPA — A Southern California investment group purchased the nearly 182,000-square-foot Marin Gateway Shopping Center in southern Marin County for $36 million, and a Phoenix, Ariz.-based investor purchased the Kohl’s department store-anchored Parkway Plaza center in downtown Napa for $19.83 million.