Two office buildings that house Medtronic's Santa Rosa operations have been sold to a San Francisco-based real estate investment company for $18 million.
The leased buildings at 3850 and 3880 Brickway Blvd. were purchased by Drawbridge Realty Trust. The seller was Reno-based Basin Street Properties, a prominent owner of Sonoma County office properties.
The two-story buildings near the Charles M. Schulz-Sonoma County Airport together total more than 126,000 square feet of office space. Medtronic, whose vascular business is based in Santa Rosa, recently spent more than $4 million on improvements to one building, a sign of its long-term commitment to the property, according to Drawbridge.
"Acquiring this premier property with a solid national tenant perfectly fits our acquisition profile," said Drawbridge vice chairman Mark Pearson.
Drawbridge's portfolio includes more than 2 million square feet of office space. In the past two quarters, the company made $130 million in acquisitions.
The recent purchase was the first using $150 million in revolving credit from KeyBank N.A.
— Robert Digitale