NAMO Co LLC bought the building mainly because of its location and price, according to Paul Gonzales of Orion Partners, who represented NAMO in the transaction. Frank Connelly and Kevin Canady of Keegan & Coppin represented the seller in the 1031 exchange.
The building is located in Santa Rosa's Business Park, at 1330 North Dutton Avenue. The multi-tenant facility is fully occupied, and has a lot of short-term leases that leave room for increases in rent.
"The property is in the heart of the Santa Rosa Business Park," Gonzales told GlobeSt.com. "It has good parking and doesn't need renovations other than a slight interior upgrade."
Gonzales says that the Santa Rosa area is holding up well in today's slowing economy. He also brokered the recent sale of 4.50 acres of land at 2055 Stage Coach Road in Santa Rosa for private investor Kim Smith for about $1.4 million dollars.
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