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| 801 Main Street, St. Helena, Napa Valley, CA |
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| Danny Reddin |
SAN FRANCISCO, CA – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 801 Main
Street, an 18,090-square-foot, Class A, net-leased office property in Napa
Valley that is 100 percent leased to Franciscan Vineyards.
HFF marketed the property
on behalf of the seller, a private investor.
The buyer was an entity owned and managed by Gary Otto and Richard
Rizika.
Located along Highway 29
in St. Helena, 801 Main Street is about 17 miles north of downtown Napa and 65
miles north of San Francisco.
The property is
100-percent-net-leased to Franciscan Vineyards, a wholly owned subsidiary of
Constellation Brands (NYSE: STZ)—the largest winemaker and one of the top
overall alcohol producers in the world.
Originally built in 1945,
the property was completely renovated by the tenant in 2006. 801 Main Street serves as the headquarters
for the Fine Wines Division of Constellation Brands.
The HFF investment sales
team representing the seller was led by associate director Danny Reddin and managing director Nicholas Bicardo.
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| Nicholas Bicardo |
“801 Main Street is a
pride of ownership asset that generated a high level of interest from a broad
range of private and institutional investors due to the quality of the asset
and its high profile location within Napa Valley,” Reddin said.
Reddin continued, “The
asset presented rare optionality, attracting investors requiring stable,
management-free cash flow due to the 100-percent-net-leased investment, as well
as value-add profile investors attracted to the flexible zoning of the asset
and additional development potential.”
For a
complete copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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