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Four-story student housing project planned on Folsom Boulevard
A hot spot for new student housing southwest of California State University Sacramento is keeping warm, with a new proposal to redevelop a half-acre site. Currently developed with single-story dentist office buildings, 6409 Folsom Blvd. would become a four-story, 54-unit student housing project with ground-floor retail space, according to an application with the city of Sacramento.
Walmart Supercenter building in Delta Shores sold for $20.9 million
The building housing Sacramento's first Walmart Supercenter, in the Delta Shores shopping center, has a new owner. According to property records, publicly traded investment company Realty Income Corp. bought that portion of the center for $20.9 million in late March. A message left with Realty Income (NYSE: O) was not returned; a voicemail greeting at that number stated the company does not confirm real estate acquisitions.
North Natomas office buildings sold for $57.5 million
Nome Capital Partners has scooped up Sacramento buildings that fit with ones it's invested in before. Two North Natomas buildings with state office leases sold last week to Milpitas-based Nome for $57.5 million, records show. Pac Office Equities LP, affiliated with Sacramento developer Buzz Oates, was the seller. A message seeking more information from Nome was not returned. Buzz Oates referred an inquiry about the sale to affiliate Preferred Capital Advisors, who didn't return messages. The two buildings, 1625 and 1747 N. Market Blvd., are almost entirely leased by the California Department of Consumer Affairs, which has occupied them since 2005. On a footprint of nearly 23 acres, the two buildings are about 315,000 square feet.
Kingsbarn buys last of Barker Pacific Roseville portfolio for $45.5 million
With a four-building purchase in Roseville late last month, Kingsbarn Realty Capital has scooped up the last of a portfolio previously owned by a partnership of two firms. Records show Las Vegas-based Kingsbarn bought Olympus Corporate Center, at 3001, 3005, 3009 and 3013 Douglas Blvd., for $45.5 million. A message left with Kingsbarn wasn't returned Thursday, though the San Diego address for the buyer, KB Olympus DST, corresponds to an office for the firm.
Leased industrial building in Sacramento sold for $10.5 million
As more companies look for industrial space, the buildings with a solid, long-term tenant in place are drawing strong investor attention. That scenario helped the sale of 4632 Raley Blvd. in Sacramento, which sold earlier this week to an institutional investor for $10.5 million. "I think it's one more transaction in a long list of similar transactions in our region lately," said Matt Post, a vice president with CBRE Sacramento who helped broker the sale. "Sacramento is a great region for industrial properties, and the market fundamentals continue to prove it's a good place to place money."
Four-building portfolio more than doubles in price
Less than two years after acquiring four Sacramento region office/industrial properties, Atlanta-based Rollins Inc. has sold them for more than twice as much.
According to property records, an entity called NM CPC LP acquired the four buildings, in Sacramento County, Rancho Cordova and Auburn, for about $20.3 million in recent weeks. NM CPC listed the property addresses as the address of the buyer on recording documents. The buying entity is registered in Delaware, but it is not clear if it's also based there, as it is not uncommon for companies to register in that state for legal purposes. No contact information for NM CPC could be found.
Roseville property part of $26.25 million industrial sale
Construction materials firm Erickson Cos. has gone rent-to-own in Roseville, as part of a portfolio deal also involving an Arizona property. Erickson bought 8350 Industrial Ave., a regional office for the company, as well as the Arizona property for $26.25 million, according to Cushman & Wakefield, which brokered the deal. The specific sales price for the Roseville property was not available. A representative of Erickson was not immediately available. Property records suggest the Tempe, Arizona-based company has owned the building previously.
Spotlight on ... Heath Charamuga, co-founder of Epic Global Real Estate Advisors
After 30 years in commercial real estate, most recently with Colliers International Sacramento, broker Heath Charamuga said he wanted to approach the business differently and founded a new firm, Epic Global Real Estate Advisors Inc., with another veteran of real estate and development, Alexander Leon.
USA Properties Fund selling new Roseville apartment project
An apartment project nearly fully leased less than a year after it opened is hitting the market as multifamily property demand remains high. With 97% of its 300 units leased, Harvest at Fiddyment Ranch in west Roseville should command bids of $105 million or more, according to CBRE Sacramento, the brokerage handling the sale. In putting the apartments up for sale, developer USA Properties Fund Inc. is following an established pattern for the Roseville-based company, according to CEO Geoff Brown.
Sacramento could add 28,000+ homes on vacant/underused land
Sacramento's Housing Element draft suggests potential for new homes in the city could exceed state allocations — with the right programs and policies. Beyond what's already in the development pipeline, for example, the city could see another 28,457 new units on what's identified as vacant or underutilized land within the city. Together with about 23,000 units already planned and 700 accessory dwelling units between now and 2029, the city would exceed the state's Regional Housing Needs Allocation for the city by almost 7,000 units.
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