New York-based JOSS Realty Partners announced that it has purchased Napa Square, one of Napa, California's largest commercial complexes with offices and two restaurants, for $39.25 million. The 65,858 square foot boutique office property was sold by Napa Square Associates LLC, which partnered with Napa owner/developer, CDI, LLC to develop the three building property from 2006-2008, delivering in 2009; the complex cost an estimated $25 million to build.
The timing is right to try to sell, said Harry Price, Napa Square spokesman, in November. "It's a very strong investment market. We were very impressed with the team at JOSS Realty. They have a very fair and transparent approach to real estate. I think they will be good stewards of the property."
"Napa Square is one of two Class A office properties in downtown Napa, which is undergoing an urban transformation around its core industries, wine, and tourism," said Larry Botel, managing partner of JOSS Realty Partners, in a press release. "With Napa Valley long considered the anchor of U.S. wine manufacturing and the top producer of wines sold internationally, downtown Napa is coming into its own by becoming one of the best destinations for live, work, and play."
Napa Square was 90% leased at the time of sale, with major tenants including Wells Fargo and Charles Schwab, and several restaurants and retailers, such as Oenotri, Norman Rose Tavern, Studio M Fine Wines, and pureCru Tasting Room. The property features private subterranean parking, marquee ground floor retail, and modern Class A office space with private office balconies on the upper floors. JOSS' plans include investing in the property and developing new leasing initiatives to further attract new tenants.
For more news and information visit Blumberg Partners.
No comments:
Post a Comment