Investors on the lookout for a possible NoCal commercial acquisition in the $10 mil price range may want to check out 715 Southpoint Blvd, a two-building, 85.5k sf office and warehouse asset in Petaluma. It is listed for $12.35 mil, which works out to $144/sf.
Situated approximately 40 minutes north of San Francisco, the property is located at 715 Southpoint Blvd, near U.S. Hwy 101, which links the North Bay to San Francisco and also intersects I-580, which connects the North Bay to the East Bay. The location is close to North McDowell Blvd, a major four-lane thoroughfare lined with offices, warehouses and retail centers.
Built on 5.9 acres in 1989, 715 Southpoint Boulevard is comprised of 49 percent office space and 51 percent flex space. The steel-frame buildings were constructed by the current owner, whose business occupies a portion of one building. Other tenants include Complete Being Inc., California Department of Motor Vehicles, Dr. Robert Park, FMC Dialysis, Lagunitas Brewing Co., US1COM and Wattgrinder/DY3.
Vincent Schwab and Kennety Blomsterberg of Marcus & Millichap are representing the seller, a local builder. According to Blomsterberg, “The buildings are currently 100 percent occupied by a strong mix of government, international, national and regional tenants with staggered lease expirations. Attractive seller financing is available.”
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