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Sonoma Office Market Report

Average Asking Rent (Price/SF)       $1.86
Availability Rate (%)     14.11%
Net Absorption (SF)    -16,263

The most notable office sale of the third quarter transacted in mid-August, as the 66,217-square-foot office building at 111 Santa Rosa Avenue in Downtown Santa Rosa sold for $12.4 million, or $187/SF. The property was first brought to market in the fourth quarter of 2016 at 68.9% occupancy. Several lease deals transacted which increased occupancy at the time of sale to 77.9%, generating a reported 8.4% cap rate on current income. The property sold for 89% of its asking price. The largest tenant in the building is WestAmerica Bank, which occupies 19,163 square feet on the first floor. The buyer of the property is Magna Real Estate, LLC, a real estate investment fund managed by Jeff Koblick and Richard Hall of Ross, who expect to invest an estimated $750,000 into maintenance and repairs in the building over the next two years. This property was one of the buyer's uplegs in a 1031 exchange, after it had sold the 25,394 square-foot office building in Marin County at 851 Irwin Street in San Rafael for $9.0 million, or $354/SF, in the prior quarter.



Sonoma Office Market Report
3Q17
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