Dwaine McCoy just bought the building his own company has been renting for more than a decade. McCoy acquired the 11,289-square-foot industrial property at 1300 Dynamic St. in Petaluma for $2 million on Sept. 15, picking up the longtime home of Ace Insulation from Habas family trusts.
According to public records cited by The Press Democrat, McCoy purchased the building that Ace Insulation has occupied for more than ten years. The insulation company did not start out filling the entire space: it initially leased just 6,032 square feet of the building in May 2015 before later taking over the whole property, the newspaper reported. Broker Matt Storms, who represented the sellers, said Ace Insulation first occupied part of the building and expanded into the rest several years afterward.
A Decade-Long Tenant Becomes the Owner
Ace Insulation keeps its corporate office in Petaluma, with additional locations in Sacramento and Sparks, Nevada, per the same Press Democrat report. The company provides insulation services for residential, commercial and industrial customers, including installation, removal and retrofit work aimed at improving existing buildings.
Founded in 2011 on family property in Santa Rosa, the company’s origin story carries a wrinkle depending on the source. Ace Insulation’s own website credits Dwaine McCoy alone with starting the business using his construction expertise. A separate account from the Dickson Commercial Group says brothers Dean and Dwaine McCoy launched it together, and the Better Business Bureau’s business profile for ACE Insulation Inc. lists both Dean McCoy and Dwaine McCoy as owners, with Erin Connolly as manager.
Buying Into a Soft Petaluma Industrial Market
The purchase lands at an unusual moment for Petaluma’s industrial real estate. Earlier this year, the Press Democrat reported that industrial prices in the city were trending downward amid elevated vacancies…