Leaders in commercial real estate development
This spotlight on major commercial developers is comprised of companies and their leadership that have undertaken major projects under construction in the North Bay.Larry WasemManaging general partner, Airport Business Center414 Aviation Blvd., Santa Rosa 95403; 707-578-5344; airportbusinesscenter.com
North Bay projects: American AgCredit headquarters — 120,000-square-foot office complex in Airport Business Center. Airport Business Center phase 7, Windsor — the latest expansion to the 463-acre business park has 17 acres of industrial land.
Airport Business Center, located near Charles M. Schulz–Sonoma County Airport north of Santa Rosa, is the North Bay’s largest business park. Larry Wasem and Richard Coombs started the park, and the other holdings include the 50 Old Courthouse Square office building and two movie theaters in downtown Santa Rosa as well as golf courses in Windsor and Petaluma.
Airport Business Center has about two dozen acres left to develop, including part of the 17 acres in phase 7 of the development, located along Conde Lane in Windsor. Current occupants there are DuMol and Marcassin wineries, Tractor Supply Co. and Wine Country Shipping.
Construction started in April on a new home for Santa Rosa-based American AgCredit on 7.5 acres at the northwest corner of Airport and Aviation boulevards. The lender plans to occupy 85,000 square feet in November 2015 and lease the rest to agriculture-focused agencies and trade groups.Matt WhiteCEO, Basin Street Properties1383 N. McDowell Blvd., Ste. 200, Petaluma 94954; 707-795-4477; basin-street.com
North Bay projects: Approvals to build 300,000 square feet of office buildings at Fountaingrove Executive Center in northeast Santa Rosa, Harvest Business Center by Charles M. Schulz–Sonoma County Airport, Redwood Business Center in northeast Petaluma and Petaluma Marina Office Center in southeast Petaluma. Approval for 90,000 square feet of commercial space at the mixed-use Riverfront property in Petaluma.
Basin Street Properties emerged as the North Bay’s high-technology landlord in Petaluma’s Redwood Business Park three decades ago. As the tech-led recession of 2001 led to higher vacancies in local tech companies, Basin Street sold 1.45 million square feet of office space in Sonoma and Marin counties in 2005 and relocated its headquarters to Reno, Nev., in 2009 as the company focused on hospitality, multifamily, retail and mixed-use projects elsewhere in Northern California and in the Reno area.
Starting in 2011, Basin Street shifted its focus back to the North Bay, reacquiring and purchasing more than two dozen office buildings in Santa Rosa, Petaluma, Mill Valley and Novato.
Basin Street broke ground last fall on a 56,000-square-foot office building at Redwood Business Center to house 38,000 square feet of expansion for telecommunications equipment and software developer Cyan later this year. In July, the Petaluma City Council adopted the environmental report for the 39-acre Riverfront project, which would build 90,000 square feet of commercial space, 273 dwellings and a 120-room hotel at 500 Hopper St. between Highway 101 and the Petaluma River.
With a quarter-century of commercial property development and realty experience in Nevada, Par Tolles joined Basin Street as chief operating and financial officer in 2011 and was promoted to president in July. Mr. White said he will remain active in the company’s vision, financial planning and development.Kevin RamosChief investment officer, The Buzz Oates Group of Companies8615 Elder Creek Rd., Sacramento 95828; 916-379-3800; buzzoates.com
North Bay projects: Vacaville Business Park, Vacaville — 597,896-square-foot warehouse; construction started in September; $35 million; also 472,000 square feet in two future buildings. Solano Logistics Center, Fairfield — 791,000-square-foot, two-building distribution warehouse project; construction on the second building is set to start this fall; $30 million.