#United States #Petaluma #Hamilton Zanze #Graham Street Realty #The Redwoods

Graham Street Realty Completes Sale of The Redwoods

Graham Street Realty (GSR), a commercial real estate investment firm situated in the heart of San Francisco, has made headlines with the announcement of its successful sale of The Redwoods, a multi-tenant industrial space located in Petaluma, California. With a total area of 57,174 square feet divided into nine units, this property is not just significant in size, but also in its strategic location and aesthetic appeal.

The deal, finalized on February 19, comes as a culmination of GSR's efforts since acquiring the property in December 2021. Built in 1988, The Redwoods underwent a series of enhancements over the past three years aimed at increasing its marketability and functionality. Notably, GSR managed improvements like the resurfacing of parking lots, modernization of fire and life safety systems, and the replacement of the roof membrane, all of which played crucial roles in elevating the property’s status.

Enhancements That Made a Difference

Andrew Mustin, Director of Asset Management at GSR, expressed their contentment in completing the sale, highlighting the various upgrades that had been implemented. “Over the three-year ownership period, Graham Street Realty performed a number of important upgrades to the property, as well as a speculative suite buildout. These improvements significantly boosted the appeal of the property,” said Mustin.

Before GSR’s acquisition, The Redwoods struggled with a low occupancy rate of just 55%. Through strategic management and enhancements, GSR successfully raised occupancy levels to an impressive 94%. Mustin noted that with this accomplished business plan and the stability in tenant relationships, it felt like the perfect time to pass the property on to the next steward.

The Property's Features

Situated conveniently close to intersections of North McDowell Boulevard and Old Redwood Highway, The Redwoods features an attractive layout that includes 204 parking spaces, five grade-level roll-up doors, and clear heights that range from 17.5 feet to 25 feet. The property is enveloped by mature redwood trees, creating a serene and park-like atmosphere, making it desirable not only for businesses but also for employees who appreciate a natural setting for their work environment.

The Redwoods was managed during GSR’s ownership by Paramount Property Co., an affiliate based in Oakland, California, ensuring that all operational aspects and tenant needs were met efficiently.

About Graham Street Realty

Graham Street Realty, founded in 2007, has built a formidable reputation for specializing in value-add investments within multi-tenant office and industrial markets. To date, it has successfully sponsored acquisitions totaling over $485 million in assets. GSR's focused approach emphasizes renovating properties to maximize their potential, a strategy that has proven effective in the competitive real estate market.

For further insights into their offerings or additional details, interested parties can visit their website at www.grahamstreetrealty.com.

The successful sale of The Redwoods not only underscores Graham Street Realty's strategic foresight but also illustrates the growing appeal of industrial properties in the Californian real estate sector. As companies seek desirable locations for their operations, properties like The Redwoods will remain critical to meeting these demands.