July 09--A San Francisco investment firm with multiple North Bay industrial properties has purchased its first site in Sonoma County.
Lowenberg & Associates, LP, has bought 186,000 square feet of industrial space in Petaluma for an undisclosed price, Cushman & Wakefield announced Tuesday.
The investment firm now owns nearly 1.3 million square feet of such space in Napa, Solano and Sonoma counties, said Glen Dowling, executive director of Cushman & Wakefield's San Rafael office. Lowenberg just closed deals on two more properties in Napa that will add an additional 300,000 square feet to that total.
The Petaluma site at 2200-2240 South McDowell Blvd. currently houses two tenants.
The seller was 2200-2240 South McDowell, LLC, an affiliate of PB&J Acquisitions and Investcorp.
"Vacancy rates have fallen significantly" on industrial space, Dowling said, a reason investors are seeking more such properties around the Bay Area. Cushman & Wakefield reported that the industrial vacancy rate at the end of the first quarter was 7.3 percent in Sonoma County and 4 percent in Napa County.