Sonoma County: Longtime office, industrial real estate developers sell off holdings
Hundreds of thousands of square feet of office and industrial properties have been changing hands in Sonoma County.
Local food, wine and beer companies are jumping after a dearth of new construction, and the newly legal cannabis industry has been staking out significant holdings in Santa Rosa. The following are significant deals in the past 12 months.
Simons & Woodard
Stony Point Lakes (70, 100, 110 and 120 Stony Point Road, 131 Stony Circle buildings A and B) and 3333 Mendocino Ave., Santa Rosa
Reno-based Basin Street Properties in January made a big expansion to its holdings of commercial property in Sonoma and Marin counties, buying seven Santa Rosa office buildings from a real estate investor and developer known for some of the area’s more prominent buildings. The purchase price wasn’t disclosed.
Basin Street’s Santa Rosa portfolio now exceeds 1 million square feet with the purchase of 337,360 square feet of space from Santa Rosa-based Simons & Woodard.
Architect Larry Simons, who turns 80 in May, has been designing and developing Sonoma County buildings for five decades. The sale was part of a winding down of the company he started as part of five-decade career in design and real estate development.
Cader Corporate Center
1460–1490 Cader Lane, Petaluma
The 260,000-square-foot Cader Corporate Center warehouse project is first major industrial-space project built in Petaluma in years when it went into construction in February 2016, when it was 58 percent preleased. Project owner MNCVAD-Ind Petaluma CA LLC, managed by New York Life Real Estate Investors and McMorgan & Company, purchased the 20.4-acre site from longtime Petaluma developer RNM Properties.
By the time it was completed around the beginning of this year, the three-building property was fully leased to four local companies: Scott Laboratories in 86,840 square feet, Hydrofarm in 80,000 square feet and Clover Sonoma Farms and Tomales Bay Foods (dba Cowgirl Creamery) in 94,000 square feet.
Hydrofarm signed its lease in November. Nick Egide of Meridian Commercial represented the hydroponics products maker and wholesaler, which now occupies 195,000 square feet in the city.
Infused with cash from a merger last May with Emmi, Tomales Bay Foods signed a 10-year lease for 30,000 square feet in July. Tony Sarno of JLL represented Tomales Bay Foods.
Steven Leonard of Cushman & Wakefield represented MNCVAD in the leases. Scott and Clover inked their deals in January 2016.
Giffen Avenue and Lombardi Lane, and 2330 Circadian Way, Santa Rosa
As the major city on Highway 101 between California’s historically active cannabis-growing region of Mendocino, Humboldt and Trinity counties and the San Francisco Bay Area, Santa Rosa has become a focus for industrial and office real estate activity related to the state’s newly legalized industry. The May sale for $6.32 million of 150,000 square feet of former telecom-related industrial buildings on Giffen Avenue in southwest Santa Rosa to investment groups involved in cannabis testing, products, distribution and dispensaries.
The same group in April 2016 also leased 34,000 square feet of office and manufacturing space on Circadian Way.
Paul Schwartz of Terra Firma Global Partners represented the seller of the Giffen buildings. Dino D’Argenzio and Erlina Othman of Keegan & Coppin represented the new tenants of 2330 Circadian.