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Bank of Marin OK as building owner defaults

Posted By Val Robichaud On June 24, 2011 @ 4:39 pm In News | Comments Disabled

[1]Construction at 136 W. Napa St. has begun, the key managers have been named and the planned summer opening is on track. The only thing Bank of Marin is unsure of is who its landlord will be.

The 6,200 sq. ft. building is on the market after being foreclosed by Westamerica Bank. The previous owner, Haury-Cohn, LLC, defaulted on loans in excess of $3 million, said Susan Irvine, the listing real estate agent.

Bank of Marin is locked into a lease regardless of any ownership change. A non-disturbance agreement is in place, guaranteeing the terms of the deal made with the previous property owner.

The asking price for the 1940’s building is $2.67 million. “It’s a good price, a foreclosure price,” Irvine said.

Bank of Marin will occupy the front, street-side portion of the building. An additional space opening to the back of the property, also about 3,000 sq. ft. in size, is for lease.

Irvine said the building has already drawn interest from prospective buyers. “It’s a fabulous location,” she said, and includes 30 parking spaces.

The structure was built in the 1940’s by contractor Ed Peterson. It has been through many incarnations since then, including a restaurant and bar and, prior to sitting vacant most recently, a Bank of America loan office.

The building was offered at a June 7 auction, Irvine said, but no bidders met Westamerica’s minimum price.

As the ‘For Sale’ sign went up, Bank of Marin announced key personnel to manage day-to-day operations at the Sonoma office. Marck Zuehlsdorff, formerly of the Bank’s Ignacio branch, has been named Branch Manager and Claudia Levindofske has been hired as Assistant Branch Manager. They will be supported by Carol Kneis in business development. All three employees are residents of Sonoma County.

Bank of Marin has also hired a Sonoma-based contractor, Jenkins Construction, to complete the construction project. A long-time resident of Sonoma, Jenkins started his business in 1997 and has completed high-profile local projects including Villagio Inn & Spa in Yountville and the Jacuzzi winery and Cline Cellars Museum in Sonoma.

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