By Jon Peterson
San Francisco-based Lowenberg Properties has acquired the 79,000 square foot industrial asset in Rohnert Park located at 655 Park Court. The purchase price was $16.6 million, or just around $210 per square foot, according to sources that were aware of this transaction closing.
The seller of the property was McNeill Real Estate Services. It recently had acquired the property for $14.8 million, according to industry sources. This real estate investment and development firm represented itself in this transaction. Lowenberg worked on the purchase with the San Rafael office of JLL. The main person on this deal was Glen Dowling, a managing director at JLL.
The industrial asset is currently leased to Goode Printing. This tenant recently signed a short-term lease where it will occupy the property for up to three months. There will be a new tenant moving into the property on a long-term basis following that lease. This new tenant is the Straus Family Creamery, which has signed a 15-year lease for the space. This lease was negotiated by McNeill Real Estate while it still owned the property.
Straus will use the space as a larger and more efficient production facility. The company’s current operation for this part of its business is located in Point Reyes.
655 Park Court was a property that had been originally constructed by State Farm Insurance. At one point the property had been owned by Goode Stuff, LLC, an entity related to Goode Printing. The property sits on a total of 6.79 acres of land.
Lowenberg Properties is known as a private family investor. Its activity includes buying industrial assets in Sonoma, Napa and Solano Counties.