Theater Square is the firm’s third acquisition in the San Francisco North Bay Area, following Millworks and Rafael Town Center
PETALUMA, Calif. (June 16, 2014) – JB Matteson, Inc., a San Mateo, Calif.-based private real estate investment manager, today announced the acquisition of Theatre Square Apartments, a Class A mixed-use property located 151 Petaluma Blvd. South and 101 Second Street in downtown Petaluma, Calif.
Completed in 2005, Theatre Square Apartments is a three-story mixed-use development featuring a total of 99 apartments, 43 of which are loft-style, in addition to 22,250 square feet of ground level commercial/retail space. The acquisition price was $32.5 million. The seller was Basin Street Properties, the original developer of the property. Seth Siegel of Cushman & Wakefield represented the seller in the transaction.
“Together with Rafael Town Center and Millworks, we now have a significant assemblage of Class A urban apartment properties north of the Golden Gate Bridge,” said John Bellack, president of JB Matteson, which purchased Rafael Town Center in San Rafael a few months ago and Millworks in Novato last year. “Like our other recent North Bay acquisitions, Theater Square Apartments appeals to the lifestyle renters who enjoy walk-able downtown amenities and transportation options.” Theatre Square is JB Matteson’s eighth recent acquisition in California.”
Theatre Square Apartments is located at 2nd St. and Petaluma Blvd. in the “Theater District” of downtown Petaluma and is a centerpiece in one of the most appealing districts along the suburban Marin/Sonoma Highway 101 corridor. With ready access to multiple amenities, including Boulevard Cinemas, Mystic Theater, Walnut Park, shops, restaurants, bars and office space, the property enjoys a “Walk Score” of 97.
Theatre Square Apartments has an attractive exterior architecture, including well-designed apartment residences with high quality fixtures and finishes. The mix of one-, two- and three- bedroom residential units have granite counter tops, central air-conditioning, full size washer/dryer, high-speed Internet, walk-in closets and oversize dual-pane windows. The loft-style units have high ceilings, finished concrete floors, track lighting and large windows that create a very popular “industrial” look. Recent area improvements include enhancements to the nearby riverfront in the form of benches, rustic light poles, walkways, overlooks, and a key footbridge that permits easy access across the river.
The 22,250-square-foot commercial office portion of Theatre Square is currently fully leased by Graffiti Restaurant and three office tenants. The office space has a view of the Petaluma River and features sizes and floor plans well suited to Sonoma County’s tenants.
About JB Matteson
JB Matteson, Inc. is a 45-year-old privately held company engaged in multifamily real estate investment management, with assets throughout the Western United States. JB Matteson is in the business of constructing a portfolio of newer Class-A multifamily properties located in major metropolitan areas on the West Coast. Currently the Company manages a portfolio valued at approximately $1 billion. For more information, visit www.JBMatteson.com.