Basin Street Properties, a commercial and mixed-use property developer, negotiated an agreement with SimplexGrinnell LP, a division of Tyco International for the property, which is located at 525 Airport Boulevard.
Basin Street has secured full occupancy of the four-building, 165,000 sf light industrial complex at the business park, and is considering two additional light industrial projects there. SimplexGrinnell's lease will go into effect immediately.
"One of the reasons why Napa Valley Gateway is so attractive to companies in the area is because of its central location in regards to both the North Bay and East Bay and we're pleased to provide space for SimplexGrinnell as they look to grow their business regionally," says Scott Stranzl of Basin Street. "Moreover, we've structured a leasing agreement that enables SimplexGrinnell to acquire more space as its business continues to grow, and that flexibility, we find, is important to our tenants."
SimplexGrinnell's district office manager, Greg Clingan, says that Napa Valley Gateway will enable the company to reach its regional clients more quickly than before because of its prime location, adding that the substantial workforce in the area will be beneficial to the company's growth.
"Basin Street has done a fine job of making quality space available to us under flexible terms and at reasonable rates," says Clingan. "We're certainly excited to call Napa Valley Gateway home."
Glen Dowling and Matt Bracco of Cushman & Wakefield represented Basin in the transaction, while Peter O'Brien and Barry Palma of Orion Partners represented SimplexGrinnell.
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