NAPA, CA -- High-End Office Condominium Ownership an Emerging National Trend as Business Owners Seek to Control Overhead, Build Equity, and Take Advantage of Tax Incentives Napa will soon have something in common with major cities across the country including Miami, Denver, Dallas, and Los Angeles: high-end office condominiums. With shovels in hand at a recent groundbreaking ceremony, the developers of The Carnera Corporate Center, NVG Property development and Zapolski+Rudd, along with government officials and community leaders, marked the beginning of a new era for Napa commercial real estate.
"This development is the first of its kind for Napa," said Chris Bourassa, Vice President of NVG Property development, a firm based in Vancouver, British Columbia. "Although office condominiums have been offered for sale in Napa before, there hasn't been anything that can be classified as a 'Triple A' office condominium."
Bourassa said that his firm decided to develop Carnera Corporate Center because of the extreme shortage of office space available for purchase in Napa. "We look for niche opportunities to fill a void that exists in a prime location. The corridor between American Canyon and Napa really caught our attention because of its proximity to the Napa Airport and major arteries serving San Francisco, Sacramento, Solano, and the East Bay." Todd Zapolski with Zapolski+Rudd, a Napa-based national real estate investment and development company, expressed excitement about the flexible design of the units and the quality of the project.
According to Gary Van Dam with Coldwell Banker Commercial Brokers of the Valley, the exclusive sales agent for Carnera Corporate Center, a recent PricewaterhouseCoopers survey of real estate investors indicated that real estate fundamentals have been shifting in favor of landlords nationwide -- a change that is evident in Napa, too. "Climbing rental rates are the result of the tight office market that we are currently seeing in Napa," said Van Dam. "In this kind of market, it makes sense for business owners to buy their office space as opposed to leasing it." Van Dam pointed out that office condominium ownership is a way to control overhead, build equity, and take advantage of tax incentives.
Founded in 1989, Coldwell Banker Commercial Brokers of the Valley is an affiliate of Coldwell Banker Commercial, the nationally recognized real estate firm that was established in San Francisco in 1906. For more information about Carnera Corporate Center, contact Gary Van Dam at 707-259-5096 or visit www.napacommercialproperties.com.
Source: Coldwell Banker Commercial Brokers of the Valley
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CONTACT: Lisa Toller of NewLevel Group, LLC, +1-707-255-5555, ext. 103,
or ltoller@newlevelgroup.com, for Coldwell Banker Commercial Brokers of the
Valley
Web site: http:/// www.napacommercialproperties.com
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