Soma Capital Partners and Drake Real Estate Partners Exit Industrial Property in Petaluma, California
SAN FRANCISCO, Feb. 6 / PRNewswire / – Soma Capital Partners (“SCP”), a privately held real estate investment and advisory firm based in San Francisco, today announced the sale of 2277 Pine View Way in Petaluma, Calif., USA. for USD 25.15 million to a subsidiary of DRA Advisors. SCP acquired the property in April 2019 in collaboration with Drake Real Estate Partners (“Drake”) of New York City. This is SCP’s second industrial sale in the past 12 months for a total of 320,000 square feet.
The 120,000 square foot Class A industrial building is the headquarters of Workrite Ergonomics, an industry leader in the design, manufacture and sale of ergonomic workstations and office supplies. Workrite was founded in Novato in 1991 and has taken up space in the building since 2011, expanding its occupancy to take over the entire site in 2018.
Peter Horn, partner at SCP, commented: “We acquired the property with a long-term business plan, but the increased demand for industrial products over the past twelve months has prompted us to change gears and evaluate purchase offers.”
Jonathan Garonce, Partner at Drake, added, “Strong macro fundamentals combined with a well-supplied market resulted in an excellent result for all parties.”
Steve Hermann from Cushman & Wakefield’s Northern California Capital Markets team advised the seller on the transaction.
About Soma Capital Partners
Soma Capital Partners is a privately held real estate owner / operator based in San Francisco, California with a focus on value-added investing in west coast markets. SCP’s partners have acquired around two million square meters of commercial property since 2012.
For more information about Soma Capital Partners, please visit the company’s website at www.soma-capital.com.
About Drake Real Estate Partners
Founded in 2012, Drake Real Estate Partners is a real estate investment and asset management firm based in New York City. Drake is committed to investing in high quality, income generating real estate at a significant discount to replacement costs, and adds value by focusing on repositioning, leasing and improving operations. Drake takes advantage of the flexible, long-term nature of his capital by looking for opportunities that have been overlooked by other investors. Drake has completed more than $ 1.5 billion in transactions to date and has invested in a variety of regions and property types including multi-family, industrial, office (including doctor’s office and creative office), self-storage, senior housing, retail, and Hospitality.
For more information about Drake Real Estate Partners, please visit the company’s website at www.drakerep.com.
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