Press Releases
Basin Street Properties Purchases 72,000 sq. ft. Office Building from Legacy Marketing Group
Company Signs 10-Year Lease Back Deal with Prominent North Bay Developer
PETALUMA, Calif. – December 15, 2005 - Basin Street Properties, a prominent developer of commercial and mixed-use properties in Sonoma, Marin and Napa counties, announced today the purchase of 72,000 sq. ft. of office space in Petaluma from Legacy Marketing Group. Legacy will maintain its presence as the sole tenant in the building by signing a 10-year lease back deal with Basin Street. The news follows Basin Street's recent sale of $263 million of its real estate portfolio to Equity Office Trust – considered one of the largest real estate transactions in the North Bay.
"This deal demonstrates Basin Street's ongoing commitment to strategically deploy capital and resources into the North Bay," said Matt White, president of Basin Street Properties. "The Legacy building acquisition is in line with our overall business objectives as we remain focused on developing, acquiring and redeveloping properties throughout the region."
The building is located at the Lakeville Corporate Center at 2090 Marina Avenue. Basin Street first developed the building for Legacy as a build-to-suit property in 1999. In 2000, Basin Street sold the single-story building to Legacy. Effective November 17, 2005, Basin Street is the owner of record.
"Similar to the last deal several years ago, this is a win-win situation for both companies," added White. "A real estate maneuver of this nature supports both Basin Street's and Legacy's long-term business strategies."
Legacy President Preston Pitts agreed, "The transaction provides capital to invest in our core business while allowing us to remain focused on our short- and long-term goals."
The law offices of Irv Piotrokowski represented Legacy in the transaction.
Legacy Marketing Group is an industry-leading provider of insurance and financial products nationwide, and has strategic alliances with multiple insurance carriers to provide a "one-stop shop" for a broad range of products. The company is based in Northern California and has offices in Rome, GA. For more information, visit www.legacynet.com.
Basin Street Properties is the North Bay's prominent developer and manager of commercial properties in Sonoma, Marin and Napa counties. Founded more than 30 years ago, the company offers a broad range of real estate services to the Northern California Bay Area real estate market, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information on Basin Street Properties, please call 707.795.4477 or visit www.basin-street.com.
