Soma Capital Partners, Drake Real Estate Partners, Sell Petaluma Industrial Asset for $25.15MM

Soma Capital Partners, Drake Capital Partners, Workrite Ergonomics, Petaluma, DRA Advisors, 2277 Pine Way,
Courtesy of Soma Capital Partners.

The Property is home to Workrite Ergonomics, an industry leader in ergonomic office workstations.

San Francisco, CA – Soma Capital Partners (“SCP”), a privately held real estate investment and advisory firm based in San Francisco, today announced the sale of 2277 Pine View Way in Petaluma, CA, for $25.15 million to an affiliate of DRA Advisors. SCP acquired the Property in partnership with New York City-based Drake Real Estate Partners (“Drake”) in April 2019. This marks SCP’s second industrial sale in the past 12 months totaling 320,000 square feet. 

The 120,000 square foot Class A industrial building is the corporate headquarters of Workrite Ergonomics, an industry leader in the design, manufacturing and distribution of ergonomic workstations and office accessories. Founded in 1991 in Novato, Workrite has occupied space in the building since 2011 and expanded its occupancy to take over the entire premises in 2018.

Peter Horn, Partner with SCP, commented, “We acquired the property with a long-term business plan, but the heightened demand for industrial product over the last twelve months caused us to shift gears and evaluate purchase offers.”

Jonathan Garonce, Partner with Drake, added, “Strong macro fundamentals combined with a severely supply constrained market resulted in an excellent outcome for all parties involved.” 

Steve Hermann from Cushman & Wakefield’s Northern California Capital Markets Team advised the seller on the transaction.

About Soma Capital Partners

Soma Capital Partners is a privately held real estate owner/operator based in San Francisco, CA with a primary focus on value-add investments in west coast markets. The partners of SCP have acquired approximately two million square feet of commercial real estate since 2012.

About Drake Real Estate Partners

Founded in 2012, Drake Real Estate Partners is a real estate investment and asset management firm based in New York City. Drake seeks to invest in high quality, income-producing real estate assets at a significant discount to replacement cost, and drives value by focusing on repositioning, leasing and improving operations. Drake uses the flexible, long-term nature of its capital to its advantage by seeking out opportunities that have been overlooked by other investors. Drake has completed more than $1.5 billion in transactions to date and has invested across a variety of geographies and property types, including multifamily, industrial, office (including medical office and creative office), self-storage, senior housing, retail and hospitality.

West Coast Commercial Real Estate News