SOURCE: Basin Street Properties

October 10, 2012 19:34 ET

Basin Street Properties Acquires 17 Santa Rosa Office Buildings From Equity Office Properties

SANTA ROSA, CA and PETALUMA, CA--(Marketwire - Oct 10, 2012) - Basin Street Properties (www.basin-street.com) acquired 17 office buildings in Santa Rosa, Calif., totaling 697,500 square feet. Historically, all properties have been owned, managed or developed by Basin Street.

"Our roots run deep in the North Bay, and we are pleased to add these Santa Rosa buildings back into our portfolio," said Matt White, president of Basin Street Properties. "Having previously invested in all of these properties and with an inherent understanding of their quality locations and amenities, we are confident in the opportunities they present for existing and future tenants."

The 17 office buildings are situated in six locations throughout Santa Rosa:

  • Fountaingrove Center - 3 bldgs., 161,055 sq. ft.
  • Fountaingrove Executive Center - 1 bldg., 37,428 sq. ft.
  • Oak Valley Business Center - 3 bldgs., 131,725 sq. ft.
  • Airport Corporate Center or 3850 & 3880 Brickway Blvd. - 2 bldgs., 128,540 sq. ft.
  • The Lakes - 5 bldgs., 140,645 sq. ft.
  • Waterfall Towers - 3 bldgs., 95,056 sq. ft.

Basin Street will invest millions of dollars into facility upgrades and tenant space improvements, both functional and cosmetic. While the properties are currently 77 percent leased, Basin Street is already in talks with current tenants on expansion options, as well as potential new tenants.

"We have a long-standing relationship with Sonoma County's business community and are thrilled to offer an even greater variety of quality real estate options," added White. "One underlying fundamental of our company's purpose is to position growing businesses for success and to play an active role in keeping businesses local. Basin Street believes in the vitality of Sonoma County. It's unarguably a great place to live and work."

Since 2011, Basin Street has bought 25 buildings in Sonoma County, including eight buildings in Petaluma, Calif.'s Redwood Business Park. Twenty three of these properties were part of its $263 million portfolio sale to Equity Office Properties in 2005. Basin Street has now reacquired approximately 75 percent of the Petaluma and Santa Rosa properties previously sold to Equity Office. In total, Basin Street now owns 1.8 million square feet of commercial real estate in Sonoma County.

About Basin Street Properties
Basin Street Properties is a prominent Northern Nevada and Northern California developer, investor and manager of commercial properties. Basin Street has become widely recognized for its office, retail and mixed use developments. Founded 37 years ago, the company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information, visit www.basin-street.com.

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