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6/18/14
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San Mateo-based JB Matteson Inc recently acquired Theatre Square Apartments, a Class A mixed-use property in downtown Petaluma, for $32.5 mil. Built in 2005, the property is located at 151 Petaluma Blvd South and 101 Second St, just west of Hwy 101.
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 22.3k sf of ground-level commercial/retail space. It was sold by Basin Street Properties, the original developer of the property.
The loft-style apartments have high ceilings, finished concrete floors, track lighting and large windows that create a very popular “industrial” look. Recent area improvements include enhancements to the nearby riverfront in the form of benches, rustic light poles, walkways, overlooks, and a key footbridge that permits easy access across the river.
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.
The commercial 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.
Seth Siegel of Cushman & Wakefield represented the seller in the transaction.
“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,” said John Bellack, president of JB Matteson, which purchased Rafael Town Center in San Rafael a few months ago 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.” Theatre Square is JB Matteson’s eighth recent acquisition in California.”
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