NEW YORK, March 10, 2016 /PRNewswire/ -- JOSS Realty Partners today announced its acquisition of a 65,858 square foot boutique office property in downtown Napa, California for $39.25 million. Marking the company's 21st property acquisition, this buy adds Napa, a premier tourist destination with approximately 4.7 million annual visitors, to JOSS Realty Partners' growing presence.
Located within close proximity to San Francisco, Napa Square boasts private subterranean parking, marquee ground floor retail, and modern Class A office space with private office balconies on the upper floors. Conveniently located in the heart of downtown Napa, this boutique office is in the hub of a newly revitalized city. With ongoing developments of hotels, restaurants, shops, and residential units, Napa is quickly expanding beyond traditional vineyards tours and wine tastings to offer a thriving downtown hub, redefining the Napa Valley tourism experience for the current urban mindset, and attracting affluent second home buyers and retirees from the Bay Area.
"Napa Square is one of two Class A office properties in downtown Napa, which is undergoing an urban transformation around its core industries, wine, and tourism," said Larry Botel, managing partner of JOSS Realty Partners. "With Napa Valley long considered the anchor of U.S. wine manufacturing and the top producer of wines sold internationally, downtown Napa is coming into its own by becoming one of the best destinations for live, work, and play."
"We're thrilled to expand our West Coast investment portfolio with the addition of a high quality stabilized asset in Napa Square. Napa's economy, being driven by its status as the nation's top wine producing region and an ever-growing tourism business, combined with the city's proximity to San Francisco-based financial and technology giants, will only strengthen this area's standing and position as the region's central commerce center," continued Botel.
Napa Square is currently at 90 percent tenant occupancy, boasting a stable roster of diverse tenants, including financial tenants like Wells Fargo and Charles Schwab; law firms like Dickenson, Peatman & Fogarty, a law firm with extensive experience serving the wine industry; as well as Holman Teague Roche Anglin LLP, a law firm focused on real estate transactions and development; and several restaurants and retailers, such as Oenotri, Norman Rose Tavern, Studio M Fine Wines, and pureCru Tasting Room. Continuing its hands-on, owner-operator approach to real estate investment, JOSS' plans include investing in the property and developing new leasing initiatives to further attract new tenants.
JOSS Realty Partners
JOSS Realty Partners is a private owner/operator focused real estate investment management firm headquartered in New York City. Since inception in 2005, JOSS has acquired 21 office assets totaling over 3 million square feet with a value in excess of $900 million. JOSS owns BMS Real Estate Services LLC, an affiliated property management company with over 2,000,000 square feet of office under management in Washington, DC, New York, and Los Angeles.
CONTACT: Joey Lee
SOURCE JOSS Realty Partners