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67 SNL-covered real estate properties in fire-stricken California wine country

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Capital Markets View – January 2021


67 SNL-covered real estate properties in fire-stricken California wine country

Thirty-three SNL-covered real estate companies own 67 properties in Sonoma and Napa counties in California, where a state of emergency has been declared due to ongoing wildfires.

According to an Oct. 13 statement from the California Department of Forestry and Fire Protection, firefighters continue to work against 17 wildfires that have burned 221,754 acres. The department estimated that 3,500 homes and other structures had been destroyed, and 31 people are confirmed dead.

Among the SNL-covered properties in the two counties, eight are in or near the range of the Tubbs fire, between Calistoga and Santa Rosa. According to CAL FIRE, the Tubbs fire has burned 34,770 acres and is 25% contained.

Extended Stay America Inc.'s Extended Stay America Santa Rosa-North at 100 Fountaingrove Parkway has been without power for several days and roads near it have been closed since the fire started, the Silicon Valley Business Journal reported. The Los Angeles Times reported that the nearby Hilton Sonoma Wine Country and Fountaingrove Inn were destroyed by the fire.

HCP Inc.'s Emeritus at Santa Rosa, referred to as Brookdale Fountaingrove, was reported by McKnight's Senior Living as having evacuated its residents to separate facilities and that the company was waiting to confirm the condition of the assisted living property. The publication reported that Brookdale Senior Living Inc. had evacuated five communities.

NorthStar Healthcare Income Inc.'s Vineyard Commons' operator, Holiday Retirement, said all of its residents and employees were safe and that the senior living property's residents had been relocated to a hotel in Lodi.

Sutter Pacific, the primary tenant for Healthcare Realty Trust Inc.'s and Colony NorthStar Inc.'s respective medical office buildings in the Santa Rosa area, said both properties were closed due to the ongoing fires. According to CNN, hospitals that are part of Sutter Pacific and Kaiser Permanente's healthcare systems were evacuated due to the encroaching Tubbs fire.

Simon Property Group Inc.'s Coddingtown Mall announced on its Facebook page that it was operating under 10 a.m. to 6 p.m. hours and that some of its stores were closed.

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