Investment firm buys Petaluma building
Published: Wednesday, July 9, 2014 at 6:38 a.m.
Last Modified: Wednesday, July 9, 2014 at 6:38 a.m.
A San Francisco investment firm with multiple North Bay industrial properties has purchased its first site in Sonoma County.
Lowenberg & Associates, LP, has bought 186,000 square feet of industrial space in Petaluma for an undisclosed price, Cushman & Wakefield announced Tuesday.
The investment firm now owns nearly 1.3 million square feet of such space in Napa, Solano and Sonoma counties, said Glen Dowling, executive director of Cushman & Wakefield's San Rafael office. Lowenberg just closed deals on two more properties in Napa that will add an additional 300,000 square feet to that total.
The Petaluma site at 2200-2240 South McDowell Blvd. currently houses two tenants. Thermo Fisher Scientific occupies nearly 90,000 square feet there, and Dr. Pepper Snapple Group leases another 50,000 square feet. The remaining 46,440 square feet is available for lease.
The seller was 2200-2240 South McDowell, LLC, an affiliate of PB&J Acquisitions and Investcorp.
“Vacancy rates have fallen significantly” on industrial space, Dowling said, a reason investors are seeking more such properties around the Bay Area. Cushman & Wakefield reported that the industrial vacancy rate at the end of the first quarter was 7.3 percent in Sonoma County and 4 percent in Napa County.
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