Theatre Square Apartments is a class A mixed-use property located 151 Petaluma Blvd. South and 101 Second St.

PETALUMA, CA—JB Matteson Inc., a San Mateo, CA-based private real estate investment manager, has acquired Theatre Square Apartments, a class A mixed-use property located 151 Petaluma Blvd. South and 101 Second St. in downtown Petaluma, CA. 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.

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.

“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,” says John Bellack, president of JB Matteson, which purchased Rafael Town Center in San Rafael a few months ago, as reported, 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,” Bellack adds.

Theatre Square is the firm’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. 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.

JB Matteson could not provide with further information by deadline.