Basin Street Under Way on 2 Major Projects

PETALUMA-Basin Street Properties, a leading developer of commercial and mixed-use properties in Sonoma, Marin and Napa counties, is nearing completion on two major projects in historic downtown Petaluma.
The contractors for Basin Street Town Center and Basin Street Landing are Vila Construction and Wright Contracting, respectively. Strauss Architects is handling both projects.

Basin Street Town Center and Basin Street Landing total approximately 87,000 sq. ft. They are scheduled for completion this August and next March 2004.
"These projects will be the first of their kind in downtown Petaluma," said Basin Street Vice President Scott Stranzl.

"Petaluma has a diverse population with unique and varying needs for space. These two buildings will meet those needs by offering lofts in addition to restaurant, retail and office space. The development of these properties will be the beginning of an invigorated restoration of Petaluma."

Basin Street Town Center is a single-story, mixed-use building made up of 20,000 sq. ft. of retail and service space. The retrofitted historic building is situated in a highly visible location with high foot traffic and on-site parking.
The urban infill property has direct access to public transit, restaurants, shops, banks and other commercial services.

Basin Street Landing is a 67,000-sq.-ft., three-story, mixed-use property adjacent to the Petaluma River.

It will be comprised of 43 apartments on the second and third floors and 25,000 sq. ft. of restaurant, retail and office space on the first floor.

"We are seeing a strong trend in the market toward mixed-use properties, which in addition to serving commercial tenant needs, create integrated, pedestrian-oriented communities for residents," Stranzl said.

"We are excited to be the first to bring this type of facility to Petaluma."

New Owners Plan Apartment Upgrades
LOS ANGELES-Irvine-based Sares-Regis Group acquired the Virgil Tower and Virgil Square apartments in the Mid Wilshire district of Los Angeles. Each property has 71 apartments. The total consideration was $15.4 million and upgrades are planned.
The properties, located at 411 and 414 South Virgil Ave. were built 23 years ago and are 95 percent occupied, said Paul Treviño, president of Sares-Regis Group's multifamily investment division.

Treviño said the properties, which are sister developments across the street from one another, consist of one- and two-bedroom apartments. The properties will be managed by Sares-Regis and upgraded to stay competitive with newer multifamily projects in that market.

Invesco Realty Advisors is Sares-Regis's financial partner in the transaction.
The seller, The Bascom Group of Irvine, was represented by Laurie Lustig-Bower, a senior vice president in the Beverly Hills office of CB Richard Ellis.