Basin Street Buys Big in Napa

PETALUMA - Even as the commercial real estate market in Northern California continues to experience the fallout of the economic downturn, Basin Street Properties bucks the trend with a major acquisition in Napa.

Basin Street purchased the Napa Airpark Center's six buildings, totaling 150,000 sq. ft. -- adding to a portfolio that includes 320,000 sq. ft. at the Napa Valley Gateway Business Park.

"Even in light of a down economy, there is an ongoing need for office space in the area due to the shortage of suitable space downtown," said Matt White, president of Basin Street Properties.

"In addition, this region attracts many biotech and wine industry tenants who have specific needs for light industrial buildings. We are committed to being able to meet these needs with the diverse options we offer at Napa Airpark Center, as well as Napa Valley Gateway Business Park."

In addition to the purchase of the six buildings at Napa Airpark Center, Basin Street is currently constructing two, light industrial buildings at Napa Valley Gateway Business Park, scheduled for completion by year's end. One is a build-to-suit for Fine Wine Rack & Cellar Co. The 36,500-sq.-ft. second building is being constructed on a speculative basis.

Basin Street purchased Napa Airpark Center, made up of six buildings located at 600-650 Airpark Rd., from Panattoni Development.

Current tenants include Beringer Wine Estates, Senetek Ltd., Herbaceuticals and Cadence Design Systems. Glen Dowling of Cushman & Wakefield represented both Basin Street and Panattoni in the transaction.

Napa Valley Gateway Business Park is located at the intersection of Highway 29 and Highway 12, and is made up of approximately 165 acres of office, light industrial and owner-user space.

Current tenants include Guinness UDV, Verio, Delicato Vineyards, EDS, Fine Wine Rack & Cellar Co., and State Farm Insurance, AP Tech and Santen Pharmaceuticals.