Press Releases
Basin Street Properties Acquires Petaluma Marina Business Center in a Joint Venture Partnership
with Marina Office Park Associates
Acquisition Marks One of the Largest Real Estate Deals in the Region and Underscores
Basin Street’s Continued Investment in the North Bay
PETALUMA, Calif., December 18, 2009 – Basin Street Properties (www.basin-street.com), a prominent Northern Nevada and Northern California real estate investor of commercial and mixed-use properties, recently inked one of the largest real estate transactions in the North Bay this year for an undisclosed amount. Basin Street acquired the Petaluma Marina Business Center in a joint venture partnership with Marina Office Park Associates (“MOPA”) (www.petalumamarina.com). The Class “A” Petaluma Marina Business Center is comprised of three office buildings totaling approximately 116,000 square feet, and is adjacent to the existing 183-room, award winning Petaluma – Sheraton Hotel part of Basin Street Hospitality.
“This deal demonstrates Basin Street’s continued commitment to investing in Sonoma County and maintaining a strong and long-term presence in the region,” said Matt White, president of Basin Street Properties. “With this acquisition, we are strategically positioned in three premier locations – from downtown to both the northern and southern ends of Petaluma – offering tenants a diverse mix of quality real estate options.”
The Petaluma Marina Business Center features suites from 400 to 6,000 square feet, ideal for a smaller, entrepreneurial tenant mix. It is situated adjacent to the Petaluma River with access and visibility to Highway 101, and views of the nearby foothills. Under Basin Street’s ownership, a number of capital improvement projects will take place, including landscape, signage, and exterior and interior upgrades.
According to Larry Wasem, general partner at MOPA, "While we will remain involved in the Marina Business Center, we are excited to have the Basin Street team assume management responsibilities.”
In addition to the Petaluma Marina Business Center, Basin Street’s North Bay portfolio of premier properties includes: Napa Valley Gateway; Basin Street Landing; Redwood Business Center; Theatre District; Fountaingrove Executive Center; Harvest Business Center and the Oak Valley Business Center. Additionally, the company owns Capital Oaks and the California Center in Sacramento, Calif. Basin Street’s property offerings in Northern California totals more than 1.1 million square feet.
Basin Street Properties is one of Northern California’s and Northern Nevada’s prominent developers, investors and managers of commercial properties. Basin Street has become widely recognized for its office, retail and mixed use developments. Founded more than 30 years ago, the company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information on Basin Street Properties, please visit www.basin-street.com.
