Pine Creek Business Park on Coffey Lane in Santa Rosa was sold by the developer who built the sales complex at six constructions 35 years ago.
A six -constructions sales complex in Santa Rosa, which has been in the same family of real estate developers since its construction 35 years ago, was sold for 23.5 million dollars.
An affiliate of Pine Creek propertiesLaunched by the discreet philanthropist Ken Martin, sold the property of Pine Creek Business Park at 3350-3360 Coffey Lane to an affiliate of MKD Investments LP, based in Richmond, in a square foot outside April 24. The sale price is the equivalent of almost $ 154 on square foot.
“With the currently rented rents of the building, this is also an attractive opportunity of added value for the buyer,” said Trevor Buck by Cushman & Wakefield, who represented the Buyer MKD Pine Creek Business Park LLC and the CoffeyPcbp LLC seller.
Buck said the property had been well maintained since its construction in 1990.
Tenants in the complex include the Vineify wine climbing center, Vine Vine Vine Vine Vine Vine, Moonlight Brewing Co., several vineyards, pump the business center for children and the Baptiste church in New Hope.
The Martin family has built a certain number of apartments and commercial buildings in the county of Sonoma in recent decades.
Pat Flanagan and Darla Flanagan launched MKD partners in 2005 to invest in commercial properties throughout California, including Great Petaluma Mill, Riverwalk Office Building in Napa and Woodcreek Plaza, anchored in Raley in Fairfield. MKD had bought the old printing of 73,000 square feet of the press at Rohnert Park in 2016, then sold the three packages in 2018-2021.
In the restoration of commercial real estate for years after the great recession, the Flanagans joined forces with Bill Sumski, Jeffrey Leon and David Rawson to train PB & J acquisitions. Among the PB & J offers, there was the sale of 11 Petaluma buildings south of the properties of rue Basin in 2015. Sumski then joined MKD.
Jeff Quackenbush covers wine, construction and real estate. Join it to jquackenbush@busjrnl.com or 707-521-4256.