SOURCE: Basin Street Properties

June 30, 2011 16:01 ET

Basin Street Properties Continues Its Buyback Streak at the Redwood Business Park

Basin Street Takes Ownership of Three Additional Buildings Signaling a Shift in the North Bay Real Estate Market; Enphase Energy Signs 96,000 Sq. Ft. Lease Deal

PETALUMA, CA--(Marketwire - Jun 30, 2011) - After its recent re-acquisition of five buildings at the Redwood Business Park, Basin Street Properties (www.basin-street.com) closed on three additional buildings at the premier business complex for a total of 210,000 sq. ft. in a deal worth approximately $13 million. Signing on as the first tenant, Enphase Energy, developer of solar microinverter systems, will relocate its corporate headquarters from its current space in Basin Street's Theatre District to occupy 96,000 sq. ft. of space in the Redwood Business Park.

"We are starting to see a resurgence in the Petaluma area as evidenced by a number of recent relocations of several companies who have made sizeable commitments to the region and to the Redwood Business Park, such as Enphase Energy," said Matt White, president of Basin Street. "As one of Petaluma's biggest employers, it was critical to the region to find a real estate solution that could meet their current and future growth. Our ability to re-acquire buildings at the Redwood Business Park enabled us to maintain Enphase's corporate headquarters in Petaluma and we are thrilled that we are able to facilitate this opportunity on behalf of the community."

Effective today, the three buildings that return under Basin Street's ownership include: 1400 N. McDowell, 1420 N. McDowell and 5341 Old Redwood Highway. Enphase will take occupancy at 1400 and 1420 N. McDowell for a 10-year lease term.

As a tenant of Basin Street since the company's inception, Enphase started with 1,000 sq. ft. and a handful of employees in 2008 and, in just three years, has expanded to 96,000 sq. ft. Rooted in the Petaluma community, the company currently employs more than 200 people worldwide with a majority in its Petaluma headquarters. Enphase will take occupancy in Redwood Business Park later this year.

"We explored a number of options to accommodate our growth plan in Petaluma," said Paul Nahi, CEO of Enphase Energy. "However, as a tenant with Basin Street for the last several years, they understood our company's needs from a business and real estate perspective, and the buildings at Redwood Business Park were an ideal solution for us. We are pleased to continue our growth in Petaluma and provide high quality jobs in an exciting industry to the local talent pool."

"The Redwood Business Park is an important part of our company's history and we are excited to have these additional buildings back under our management and ownership," added White. "Our company was founded on the philosophy of being able to accommodate regional businesses through all phases of their business growth and to provide the North Bay's diverse tenant base with quality real estate options. We have continually delivered on that promise -- from reviving downtown Petaluma to restoring the Redwood Business Park."

Redwood Business Park was part of the $263 million real estate portfolio sale to Equity Office Properties in 2005, considered one of the largest real estate transactions in the history of the North Bay. The Class "A" office buildings are situated around a small lake with landscaping, picnic grounds and volleyball and basketball courts. Basin Street will perform some immediate upgrades, including lobby enhancements, site and parking lot improvements, as well as the installation of energy efficient systems, to name just a few. Furthermore, Redwood Business Park tenants will receive extended corporate rates at Club One, the Sheraton Petaluma and the Theatre District apartments.

About Basin Street Properties
Basin Street Properties is one of Northern Nevada's and Northern California's prominent developers, investors and managers of commercial properties. Basin Street has become widely recognized for its office, retail and mixed use developments. Founded more than 30 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.

Contact Information

  • Contact:
    Melinda Hepp
    Blattel Communications
    415.397.4811
    Email Contact

    Matt White
    President
    Basin Street Properties
    707.795.4477
    Email Contact