PETALUMA, CA—A 186,000-square-foot multi-tenant industrial property at 2200-2240 South McDowell Blvd. in Petaluma has been sold, with commercial real estate services firm Cushman & Wakefield representing both sides in the transaction.
The seller was 2200-2240 South McDowell, LLC, an affiliate of PB&J Acquisitions and Investcorp; the new owner is Lowenberg & Associates, LP. The Cushman & Wakefield team included Glen Dowling and Tony Sarno of the firm’s San Rafael office, and George Eckard, Seth Siegel, Adam Lasoff and Grant Lammersen of the firm’s San Francisco Capital Markets Group.
“The property marks Lowenberg’s initial acquisition in Sonoma County,” said Dowling. “The building’s track record of occupancy, including long-term commitments by two major current tenants, proved to be very attractive for the new ownership.”
The two existing tenants are Thermo Fisher Scientific, which occupies nearly 90,000 square feet, and Dr. Pepper Snapple Group, with 50,000 square feet. The remaining 46,440 square feet is currently being marketed for lease by Dowling and Sarno. “We are seeing considerable interest in this availability.”
Occupying 11.2 acres, 2200-2240 South McDowell is located near Route 116, the Lakeview Highway. Building features include 16 dock and grade level truck doors, 4,000 amps of power, and 24-foot clear ceiling heights.
“This transaction is further evidence of a strong and improving industrial market in the region, particularly the North Bay submarket,” said Dowling. “For example, the industrial vacancy rate was just 7.3% in Sonoma County and 4% in Napa County at the end of the first quarter according to our research. With little new construction underway, a significant amount of investment money has been chasing existing industrial product in the region.”