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February 26, 2020
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Scannell Properties Spends $26 Mil on Multi-Building Industrial Asset in Petaluma


Scannell Properties purchased a 183k sf, multi-building industrial portfolio in Petaluma for $26.45 mil ($144/sf). The property was sold by a pair of private individuals who formerly operated their business, Sistema Plastics, at the entire project located at 755-775 South Point Blvd.

755 South Point consists of a freestanding 88.5k sf two-story building while 775 South Point consists of a freestanding 94.5k sf two-story building. Centrally located in Southern Sonoma County, both buildings provide freeway visibility, excellent loading capabilities, clear height and car parking, and good natural light, while 755 South Point also features 62k sf of temperature controlled space.

The buildings are situated in a quiet setting, close to Redwood Business Park, downtown Petaluma and amenities, and SMART Train. They also provide direct access to Highway 101, a major logistical route.

Trevor Buck, Steven Leonard and Brian Foster with Cushman & Wakefield represented both parties in the transaction. The trio was also retained by the buyer to perform leasing services. Although the buildings were fully vacant at the time of sale, the team has already closed two significant lease transactions at the property, with a third one in the works, according to C&Ws Buck.

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