PETALUMA, CA-After its recent re-acquisition of five buildings at the Redwood Business Park, Basin Street Properties closed on three additional buildings at the business complex for a total of 210,000 square feet in a deal worth approximately $13 million. Signing on as the first tenant, Enphase Energy, developer of solar microinverter systems, will relocate its corporate headquarters from its current space in Basin Street’s Theatre District to occupy 96,000 square feet in the Redwood Business Park.
“We are starting to see a resurgence in the Petaluma area as evidenced by a number of recent relocations of several companies who have made sizeable commitments to the region and to the Redwood Business Park, such as Enphase Energy,” says Matt White, president of Basin Street. “As one of Petaluma’s biggest employers, it was critical to the region to find a real estate solution that could meet their current and future growth.”
White continues that the firm’s ability to re-acquire buildings at the Redwood Business Park “enabled us to maintain Enphase’s corporate headquarters in Petaluma and we are thrilled that we are able to facilitate this opportunity on behalf of the community.” Effective today, the three buildings that return under Basin Street’s ownership include: 1400 N. McDowell, 1420 N. McDowell and 5341 Old Redwood Hwy. Enphase will take occupancy at 1400 and 1420 N. McDowell for a 10-year lease term.
As a tenant of Basin Street since the company’s inception, Enphase started with 1,000 square feet and a handful of employees in 2008 and, in just three years, has expanded to 96,000 square feet, according to a prepared release. Rooted in the Petaluma community, the company currently employs more than 200 people worldwide with a majority in its Petaluma headquarters.
Enphase will take occupancy in Redwood Business Park later this year. “We explored a number of options to accommodate our growth plan in Petaluma,” says Paul Nahi, CEO of Enphase Energy.
Nahi points out that “As a tenant with Basin Street for the last several years, they understood our company’s needs from a business and real estate perspective, and the buildings at Redwood Business Park were an ideal solution for us. We are pleased to continue our growth in Petaluma and provide high quality jobs in an exciting industry to the local talent pool.”
Redwood Business Park was part of the $263 million real estate portfolio sale to Equity Office Properties in 2005, considered one of the largest real estate transactions in the history of the North Bay, as GlobeSt.com previously reported. The class A office buildings are situated around a small lake with landscaping, picnic grounds and volleyball and basketball courts.
Basin Street will perform some immediate upgrades, including lobby enhancements, site and parking lot improvements, as well as the installation of energy efficient systems, to name just a few, according to a prepared statement. Furthermore, Redwood Business Park tenants will receive extended corporate rates at Club One, the Sheraton Petaluma and the Theatre District apartments.
“The Redwood Business Park is an important part of our company’s history and we are excited to have these additional buildings back under our management and ownership,” White says. “Our company was founded on the philosophy of being able to accommodate regional businesses through all phases of their business growth and to provide the North Bay’s diverse tenant base with quality real estate options. We have continually delivered on that promise—from reviving downtown Petaluma to restoring the Redwood Business Park.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
