(EDITOR’S NOTE: According to sources familiar with the details of this transaction, the sale closed for $130 per square foot, or $43,856,800.)
Santa Rosa, CA (date February 1, 2017) – Basin Street Properties, a prominent Sonoma County real estate investor and developer, has purchased seven Simons & Woodard office buildings in Santa Rosa totaling 337,360 square feet. Six of the buildings are in the Stony Point submarket. These acquisitions grow Basin Street’s Santa Rosa portfolio to 13 projects and over one million square feet of office space.
“We have always admired Simons and Woodard’s work, and we believe these buildings with their lasting appeal and attractive locations are a great fit for Basin Street Properties’ portfolio,” said Matt White, CEO of Basin Street Properties. “We also recognize that Santa Rosa continues to prosper and grow and is an exceptional place to live, work and be invested.” The seven buildings are 70, 100, 110 and 120 Stony Point Road, 131 Stony Circle A and B and 3333 Mendocino Avenue.
“Developing and managing these buildings with their wonderful tenants has been a labor of love for us,” said Joan Woodard, President and CEO of Simons & Woodard. “We have weighed this decision for some time and finding the right buyer that will care for these buildings and its tenants with the same commitment and level of quality that we do was very important to us.” Joan Woodard and Larry Simons, Founder of Simons & Woodard, intend to make the handoff as seamless and effective as possible for the existing tenants.
“We believe these properties offer an excellent business environment with quality on-site amenities and additional offsite restaurants and services nearby,” said Matt White. “Simons & Woodard developed first-rate buildings and established a great business setting in the Stony Point submarket. We intend to be mindful stewards of that legacy.” In addition to this sale, 2017 will mark 50 years of architecture and development work in Santa Rosa for Larry Simons and his 80th birthday.
Basin Street plans on some updates to lobbies, common areas and landscaping that complements the architecture and features of the buildings. Home to regional offices for Farmers Insurance, Sutter Health, National Instruments, Kaiser Permanente and US Bank, the buildings have a healthy diversity of tenants and are close to 90 percent leased.
This acquisition brings Basin Street Properties to over one million square feet under ownership and management in the Santa Rosa area. “Our significant footprint in Santa Rosa really benefits our tenants with an established and experienced team of property managers and engineers to provide exceptional customer service and quick and qualified building maintenance,” said Matt White. Basin Street’s long term commitment to Santa Rosa also provides the benefit of lasting partnerships with local contractors, brokers and service vendors.
“We think the future is bright for Santa Rosa and we look forward to continuing to help the region grow and prosper,” said Matt White. “We will continue to seek out opportunities in Santa Rosa and our team is well suited to capitalize on these for both our investors and our tenants.”
About Basin Street Properties
Basin Street Properties, established in Petaluma in 1974, is one of Northern California’s and Northern Nevada’s most prominent developers, investors and managers of commercial properties. The company owns and manages over one million square feet of office space in Santa Rosa. Basin Street is widely recognized for its office, retail, hospitality, multi-family and mixed-use developments. 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 contact Mike Williams, Vice President of Marketing, 530.448.1986, email@example.com or visit basin-street.com.
About Simons & Woodard
Established in 1970, Simons & Woodard is an architecture, development and property management team. We are highly skilled with office buildings, flex, and medical office. The firm is locally owned and managed and its focus is Sonoma County, California. Simons & Woodard has been in business for more than 45 years and believes it is possible to create and manage workplaces that are great spaces for people and sensitive to the environment. We use local materials and labor and design for the long-term. The company is known for projects throughout Sonoma County, but projects that are well known include Fountaingrove Inn and Equus Restaurant, Stony Point Lakes, Northpoint Corporate Center, and the Senior Wing at Finley Community Center.