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SAN FRANCISCO, April 17, 2019 (GLOBE NEWSWIRE) -- Soma Capital Partners (SCP), a privately held real estate investment and advisory firm based in San Francisco, today announced the purchase of 2277 Pine View Way in Petaluma, CA, for $19.95 million from LBA Realty. SCP acquired the Property in partnership with Drake Real Estate Partners based in New York. This will be SCP’s first purchase since late 2017. SCP sold three commercial properties in 2018 totaling approximately 700,000 square feet to institutional buyers including Blackrock and Brookfield.
The 120,000 square foot Class A industrial building is the corporate headquarters of Workrite Ergonomics, an industry leader in the design, manufacturing and distribution of ergonomic workstations and office accessories. Founded in 1991 in nearby Novato, Workrite has occupied space in the building since 2011 and expanded its occupancy last year to take over the entire premises.
Jordan Caspari, Partner with SCP, commented, “We are excited about the macro fundamentals for the warehouse sector in the Bay Area and feel the property is well-positioned as e-commerce continues to fuel demand. We are particularly excited about our new relationship with Workrite and its innovative ergonomic products that help support wellness in the workplace.”
Peter Horn, Partner with SCP, added, “We found it a compelling opportunity to acquire well-located, institutional-quality real estate with a strong tenant in a market with significant supply constraints, in particular given the length of the current economic cycle.”
Steve Hermann, Adam Lasoff and Ryan Venezia from Cushman & Wakefield advised the seller on the transaction.
For more information on Soma Capital Partners, please visit the firm’s website, www.soma-capital.com.
About Soma Capital Partners
SCP is a privately held real estate owner/operator with a focus on the Bay Area. The partners of SCP have acquired approximately two million square feet of commercial real estate since 2012.
About Drake Real Estate Partners
Drake Real Estate Partners (“Drake”) is an opportunistic real estate investment management firm headquartered in New York, NY that focuses on value-add opportunities across the United States. Drake has invested in over $1.3 billion of real estate in a variety of asset classes including industrial, multifamily, senior housing, office, retail, self-storage and hospitality.
Drake is a proud member of 1% For The Planet, donating 1% of the firm’s revenues to not-for-profit conservation-related initiatives in the markets in which it invests.
For further information, visit www.drakerep.com.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/edde94e5-51c9-4d6a-a906-0ec012907f26