Commercial real estate services firm Cushman & Wakefield has arranged two 10-year industrial leases totaling 149,000 square feet at the under-construction Cader Corporate Center in Petaluma. The signings bring the three-building, 259,600-square-foot property, slated for delivery in Q3 of this year, to nearly 60 percent occupancy.
The firm's North Bay team of Trevor Buck, Steven Leonard and Brian Foster represented New York Life Real Estate Investors, which is co-managing the property for owner MNCVAD-Ind Petaluma CA LLC. Buck also represented tenant Clover Stornetta Farms in one of the two transactions.
Clover Stornetta Farms, a leading dairy industry brand, leased 64,000 square feet at Cader Corporate Center's 94,000-square-foot Building C. Combined with a 17,500-square-foot long-term lease at another nearby location, the Cader Corporate Center signing marks a substantial expansion for the Petaluma-based industry leader, the first dairy in the U.S. to become American Humane Certified.
In the second signing, Scott Laboratories has leased 85,000 square feet, representing the property's entire Building A. The transaction will consolidate and expand Scott's three current locations totaling 75,000 square feet in Petaluma. The company serves the wine industry, offering lab services and providing fermentation, filtration and packaging supplies. Leonard and Buck represented Scott Labs as well as New York Life.
Located at 1490 Cader Lane, just off Route 101 in California's North Bay region in Sonoma County, Cader Corporate Center currently has 110,000 square feet available for lease.
"This industrial market is very tight, with a vacancy rate of under 5 percent for large requirements," said Leonard. "Tenants are having to look further out and do build-to-suits if they need spaces of over 30,000 to 40,000 square feet, and planning a year in advance is the new norm. Based on current demand, we expect this project to be fully preleased by the time it is completed."
Cader Corporate Center's trio of buildings offers 28-foot clear ceiling heights and concrete tilt-up construction. Features include an ESFR fire suppression system, grade-level dock doors and an outside fenced yard area.
"This is outstanding new construction, a state-of-the-art property in a very competitive market," said Leonard.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm's 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.