Basin Street Properties Leases 13,243 Feet in Lakeville Business Park
June 27, 2016 by basinadmin
Petaluma, CA (date June 27, 2016) – Basin Street Properties, a prominent Northern California real estate investor and developer, has signed a lease for 13,243 square feet with Avrenlogics in its Lakeville Business Park. The space will house pharmaceutical packaging and manufacturing with some research and development functions. “This new lease shows the diversification of industries occurring in Sonoma County,” said Scott Stranzl, Vice President of Leasing at Basin Street Properties. “More companies are realizing they can achieve all their business requirements in Petaluma, but with lower rents, lower cost of living and less traffic.”
The Lakeville Business Park location provides a variety of advantages. The quality of the space at 1770 Corporate Circle meets or exceeds any of the pharmaceutical industry standards Avrenlogics needs to adhere to. They evaluated 13 buildings in the region before choosing 1770 Corporate Circle. Sonoma County also has a qualified and talented healthcare industry workforce to draw from. In addition to quality facilities and a talented workforce, the region provides a desirable quality of life balance while still having proximity to the South Bay for conventions, conferences and meetings.
Avrenlogics expects to gradually ramp up hiring nearing 20 employees by the end of the year. These roles will be primarily manufacturing focused. Based on their projections and demand for innovative pharmaceutical packaging, continued growth and hiring is expected through 2017 and into 2018.
Lakeville Business Park is a five-building project totaling 205,777 square feet. It includes three single-story office/flex buildings and two two-story Class A office buildings. Lakeville Business Park is located in South Petaluma, close to the downtown region with easy access to Highways 101, 116 and 37. It is adjacent to 500 acres of protected wetlands bird sanctuary at Shollenberger Park.