On October 31, 2014 The Registry reported New York Life Acquires Land for Industrial Development in Petaluma on October 31, 2014 North Bay Business Journal reports Petaluma industrial buildings planned By Jeff Quakenbush, Business Journal Staff Reporter.
The Registry indicates that New York Life Real Estate Investors has paid around $6 million to acquire 20 acres of land for development. The article goes on to say:
“New York Life believes there is a strong demand for light industrial space not currently met in Petaluma. “We see that the market demographics are very strong for new development. For tenants looking for space larger than 50,000 square feet, there are very limited options. For light industrial space, current vacancy is around 8 percent. Our development will be the first new industrial development in Petaluma since 2001,” said Brian Seaman, a senior director with New York Life.”
The development is being called the Cader Commerce Center. It is located at 1466 to 1490 Cader Lane in Petaluma. The project will involve the development of 250,000 square feet of industrial space over four buildings.