President's Message: To Our Community
With this issue we are resurrecting the Basin Street Newsletter, which will be distributed three
times a year. It is designed to provide a useful forum to keep you, our tenants and community
friends, well informed of news and events affecting you, your property and the region where
you live and work.
The downturn in the residential real estate market, as a result of the sub-prime mortgage crisis,
concerns most of us. Speculation about the broader impact on our economy, specifically to the
commercial real estate sector. What the future holds remains to be seen. At Basin Street, we are
moving forward with a continued commitment to our communities. We will seek opportunities
that further strengthen our regional economies and provide sensible real estate options for companies
throughout Northern California and Northern Nevada.
This mission was reflected in the initiatives we undertook in ’07. We launched into new markets
and industry sectors. We made our inaugural footprint in Sacramento with the purchase of two
marquee business parks, including the California Center Business Park, a 168,000 sq. ft., threebuilding
corporate complex, and the Capitol Oaks Business Park, an 89,500 sq. ft., four-story
office building. We continue to invest our real estate resources into viable mid-market urban
centers. One of our biggest announcements last year was the launch of Basin Street Hospitality.
With the hotel industry seeing an unprecedented amount of capital, the timing was ideal to diversify
our portfolio. As the dollar remains weak overseas, domestic travel is anticipated to be strong
and we are prepared to accommodate travelers, including our tenants and their customers.
In Northern California, 2007 also marked the final completion of the Theatre District, one of the most celebrated
city revitalization projects in this area. Located in the heart of downtown Petaluma, we are proud that the
Square continues to attract a diverse range of restaurant and specialty retail tenants. In Nevada,
we completed a major capital improvement project at 200 South Virginia in Reno, underscoring our
mission to provide our tenants with premier office complexes. Our economic landscape is filled with
uncertainty, but we at Basin Street are excited to see what will unfold. To quote the poet Robert Browning,
“Uncertainty and mystery are energies of life. Don’t let them scare you unduly, for they keep boredom
at bay and spark creativity.”
We hope 2008 brings you opportunity, creativity and prosperity.
Matt White
President and CEO, Basin Street Properties
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Basin Street Hospitality: Division in Full Swing
Tenants to Receive Hotel Discounts
The travel industry is expecting a sharp increase in domesticrelated travel as a result of the weak dollar.
In response to this, Basin Street Hospitality is geared up to accommodate travelers. Our goal is to
provide first-rate hotel service in a friendly, responsive and professional manner. Over the next five years,
we anticipate building a portfolio of hotels throughout the western United States strategically located near
Basin Street office buildings and communities, where they will provide useful services to tenants and residents.
Currently, we have two properties under ownership throughout Northern California, including the Sheraton Sonoma
County-Petaluma Hotel, one of the top-performing hotels in the region, and the Holiday Inn Express in Corning. We
are also building two Hampton Inn & Suites locations in Windsor and Suisun City. Hampton Inn is part of the Hilton
family of hotels. Each property will feature more than 100 spacious rooms or suites, first-rate furnishings and
design elements, and all of the amenities that today’s business and leisure travelers expect. Construction is due
to be completed in the winter of 2008.
Additionally, construction of the new Hyatt Summerfield Suites Hotel in Reno, NV is scheduled to begin this summer.
As part of our ongoing drive to enhance the amenities and benefits we provide, Basin Street has introduced a new program
for current tenants and their loved ones. Beginning this fall, tenants can stay at any of our hotels at a special Friends
and Family rate. To find out how to take advantage of this and other offers, visit www.basinstreethospitality.com. Be sure
to mention your company name and the address of your Basin Street property location when making a reservation.
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Basin Street Makes a Move to Sacramento and Aquires Premier Office Complexes
2007 marked Basin Street’s entrance into the Sacramento market with the purchase of the California Center Business Park
in April and the Capitol Oaks Business Park in December. These acquisitions underscore Basin Street’s strategy of diversifying
its portfolio by expanding into thriving urban markets.
The California Center is a 168,00 sq. ft., three-building, Class “A” corporate campus that features such marquee
companies as Federal Express, Granite Land Company, Providence Funding and SRA International. Located
at 8950 Center Drive, the business park is conveniently adjacent to Highway 50 off Watt Avenue, a major thoroughfare
and key connector to Highway 80. The corporate campus offers a health facility on site and a
variety of retail options within walking distance.
Capitol Oaks is an 89,500 sq. ft., four-story office building located in the South Natomas area of Sacramento. The
property features a solid client roster, that includes private companies, such as Countrywide Home Loans, as well as
several government agencies. Basin Street has launched an immediate capital improvement campaign, including lobby,
elevator and restroom upgrades, plus a new energyefficient HVAC system. The building, directly adjacent to the Interstate
and other major transportation routes, is in close proximity to downtown Sacramento and Sacramento International Airport.
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Basin Street Extends a Warm Welcome to New Tenants Throughout Our California and Nevada Properties
Northern California
Napa Valley Gateway Business Park,
550 Gateway Blvd., Napa
Essex National Securities, Inc. (FINRA/SIPC) – An independent broker/dealer solely dedicated to providing
financial institutions with the support, tools and services needed to grow a successful investment services program. The company
provides full access to a wide spectrum of financial products, including fixed and variable annuities, discount brokerage, mutual
funds, managed-money programs, plus all types of life insurance and long-term care.
C. Mondavi & Sons – Owners of the Charles Krug Winery, the first winery in Napa Valley, established in
1861. It is owned and operated by the Peter Mondavi Senior Family. Since 1943, three generations of the Peter Mondavi family
have been pioneers and innovators in the Napa Valley wine industry. Today, the family continues its stewardship of 850 acres of
land using organic and sustainable farming practices and state-of-the-art winemaking techniques.
California Center Business Park,
8950 Center Drive, Sacramento
CoBank – A $41-billion cooperative bank that provides financial solutions and leasing services to rural
cooperatives and critical lifeline businesses – food, water, electricity and communications – across the United States. Part of
the U.S. Farm Credit System, the bank also finances agricultural exports and provides financing to Farm Credit Associations.
Wickland Corporation – A family-owned enterprise that runs a real estate development and investment business.
Nevada
50 West Liberty, Reno
Wyndham Vacation Ownership – The world’s largest vacation ownership business. The company develops, markets
and sells vacation ownership interests and provides consumer financing to owners through its three primary consumer brands: Wyndham
Vacation Resorts, WorldMark by Wyndham, and Wyndham Vacation Resorts Asia Pacific.
BIBO Coffee Company – Caffeine lovers of 50 West Liberty are thrilled to welcome this local coffee establishment
to the building. BIBO’s coffee comes from two purveyors, Coffee Connection in Lake Tahoe and Josuma Coffee, an Indian coffee importer
and roaster.
425 South Virginia, Reno
Amendment 21 – A grill and sports bar named for the U.S. Constitutional Amendment that repealed prohibition. The establishment
offers an expansive traditional American menu with a full bar and wine list, plus the most advanced multimedia network in Reno,
where guests can view the full scope of domestic and international sporting events on multiple plasma and projector screens. Other
amenities include pool tables, darts, networked gaming consoles and free Wi-Fi.
