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Alterra Property Group acquires Rancho Cordova property
Alterra Property Group has executed a sale-leaseback deal for an equipment yard at 3780 Recycle Road in Rancho Cordova, the second such deal it's carried out this year in the region. The 11,200 square foot building siting on a 1.24 acres property sold for $7.35 million. the tenant EquipmentShare, executed a 10-year leaseback.
SlideBelts' El Dorado Hills HQ sold in leaseback deal
Gayatri LLC paid $3.595 million for the 58,316-square-foot building, which sits on 11 acres. That's a gain of more than 71% over what SlideBelts paid for the property in 2022. The latest sale closed in late September. New owner Gayatri LLC is leasing back the space to its current tenant at 5272 Robert J Mathews Parkway, said SlideBelts' Brig Taylor in an email.
Ethan Conrad purchases major office tower for $21 million
Prolific real estate investor Ethan Conrad has confirmed he had the top bid for Downtown Sacramento's Renaissance Tower in an auction completed Wednesday.
Conrad, who's bought two other Downtown buildings in recent months, submitted the $21 million bid that should lead to him formally purchasing the property, he said in an email. He said later Thursday he'd received a formal purchase agreement for the building. The purchase price would be just over a fourth of the sales price the last time Renaissance Tower sold in 2016, for $80 million
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Hines makes $52 million Sacramento medical office acquisition
Sutter Medical Plaza, a 141,000-square-foot, two-story medical office building, sold for $52 million. The building covers nearly 5 acres in East Sacramento and is fully occupied by Sutter Health. Sutter offers lab, imaging and several pediatric services, including neurology and physical therapy, at the building. For Hines, the acquisition adds to a local portfolio that includes a partial stake in office buildings at 1515 S St. in Sacramento and Natomas Fountains, an apartment project the company is developing in North Natomas.
400 Capital Mall sells to Buzz Oates-affiliated group
Owner Manulife US REIT, an affiliate of a company based in Singapore, will sell 400 Capitol Mall to 400 CM Owner LLC, Manulife. The next owner has the same address at 555 Capitol Mall in Sacramento as Buzz Oates, the commercial real estate investment and development company. According to Manulife's announcement, the 29-story high-rise building will be sold for $117 million. That's a 41% drop from the last sale of the building, also known as Wells Fargo Center, to Manulife in 2019 for $198.75 million.
Two industrial building sell for $9.2 million to Palatine Capital
For the first time since the internet was still new to many people, two industrial buildings on Belvedere Avenue in Sacramento have a new owner.
Miami-based Palatine Capital Partners made what appears to be its first Northern California purchases when it closed escrow in recent weeks on 8440-8460 Belvedere, in Sacramento's Power Inn Road area. The two buildings, about 80,000 square feet combined, are small-bay, multi-tenant structures with high tenant demand. Palatine Capital bought the two buildings for $9.2 million, or about $115 per square foot.
Another industrial sale...EQT Exeter pays $24.3 million for leased asset
A national real estate investment trust's purchase of a fully leased Rancho Cordova industrial building shows some stability returning to that market after interest rate challenges. EQT Exeter, based in Radnor, Pennsylvania, bought 3750 Zinfandel Drive for $24.3 million.
Midtown apartment project sold for 40.175 million to Conam Group
Amid a tight market for new and existing urban residential properties, one in Midtown Sacramento is the first of its kind to sell in the last two years. San Diego-based Conam Group closed escrow late last month on Eviva Midtown, the 118-unit apartment and retail project at N and 16th streets built with modular construction eight years ago. Conam paid $40.175 million for Eviva, or about $13 million less than its last sale in 2017, from the developer to Sequoia Equities and Coit Financial.
770 L Street sells for $22.5 million to Ethan Conrad
Real estate investor Ethan Conrad has made a second investment in Downtown Sacramento, announcing Friday he'd purchased 13-story office building 770 L St.
Conrad said he paid $22.5 million for the 170,000-square-foot building in a short sale. New York Life Insurance Company was the previous owner and
Wells Fargo Bank was the lender. Conrad's description suggests the property was sold for less than its loan amount as a way to avoid potential foreclosure.
Teichert spends $17.99 million on West Sacramento property
A Port of West Sacramento property that recently sold had a rare quality that made it attractive: It was zoned for heavy industrial use. With access to Sacramento Deep Water Ship Channel, 3961 Channel Drive is a 23.55-acre site with one existing building. Teichert closed escrow on it for $17.99 million, under the name Greencycle Properties LLC.
Celebrations acquires Lincoln building for $23.5 million
Industrial developer Buzz Oates has sold a piece of its holdings in Lincoln, after developing it 28 years ago. The buyer, which paid $23.5 million for 1721 Aviation Blvd., will occupy the 150,500 square foot building.
Latino grocery chain buys building on Northgate for $4.5 million
Uriel Barajas and Juvenal Barajas, co-owners of the La Superior Supermercados grocery chain, bought the former store property at 2351 Northgate Blvd. in recent weeks for $4.5 million. Acquiring the closed store at 2351 Northgate may be part of a logical strategy. La Superior's current location in that neighborhood, at 2210 Northgate, is a store of 13,840 square feet with relatively little parking. The new building sits on 3 acres and offers 40,000 square feet of space.
GPR Ventures spends $10 million on industrial building
GPR bought the 23-year-old, 86,702-square-foot building for $10 million. The Campbell-based investment group bought 3735 Cincinnati Ave., a fully leased industrial building just outside Roseville and Rocklin. Current building tenants include A-Tech Flooring, Fuller Moving Services and Quality Chain Corp.
JCPenney property at Roseville Galleria sold for $13.4 million
Copper Property acquired the JCPenney location in Roseville as part of the department store chain's 2020 bankruptcy reorganization. JCPenney continues to operate a store at 1125 Galleria Blvd., a 167,404-square-foot building. The purchase includes 7.7 acres, much of which is parking outside the store building, on the Galleria's east side.
Former corporate office for Nor-Cal Beverage sold to Brennan Investment Group for $36 million
The second-largest privately held industrial property owner in the U.S. has made a move into the Sacramento region by buying several pieces of what was Nor-Cal Beverage Co.'s base in West Sacramento. Brennan Investment Group recently bought three properties: 2150/2286 Stone Blvd. and 1691 Cebrian St. for $36 million
San Diego group pays $15.3 million for Courtyard by Marriott hotel
Built in 1990, the four-story Courtyard at 2101 River Plaza Drive was one of the first hospitality properties to pop up as the South Natomas office market developed in the 1980s and 1990s. Kalthia Group Hotels in San Diego bought the 151-room Courtyard Sacramento Airport Natomas, a Marriott International Inc. (Nasdaq: MAR) brand for $15.3 million.
630 K Street sells to Ethan Conrad
Real estate investor Ethan Conrad has bought a Downtown Sacramento office building near Golden 1 Center, for a future that doesn't involve an office use at all.
Conrad announced Wednesday he'd closed escrow a day earlier on 630 K St., a five-story office building vacant at the moment apart from a few ground-floor and basement retail spaces.
Sacramento medical office building, 80% leased by Sutter Health, sells for $45.55 million
A four-story medical office building at 1201 Alhambra Blvd. sold in late June for more than double what it last sold for 13 years earlier. Toledo, Ohio-based Welltower Inc., a publicly traded real estate investment trust specializing in health care properties, bought the 103,652-square foot building for $45.55 million.
Rancho Cordova industrial park sells for $42.7 million to GPR Ventures
Campbell-based GPR Ventures closed escrow in recent weeks on Capitol Industrial Center North & South, a 335,701-square-foot industrial park in Rancho Cordova. Records show GPR Ventures spent about $42.7 million for Capitol Industrial Center, which has 16 buildings over 23 acres at 9881-9969 Horn Road and 9828-9960 Business Park Drive. The park has 83 suites, with a range of square footages from 1,600 to 22,000.
Epic Real Estate Advisors, Inc. lists Logan's Roadhouse space in Natomas
The Natomas location fills an approximately 7,500-square-foot stand-alone building in the Promenade at Sacramento Gateway shopping center. Last week, Roseville-based real estate brokerage Epic Real Estate Advisors Inc listed the building for sale or lease. The second-generation restaurant building sits on a 1.38-acre parcel that has approximately 78 parking spaces and is near retailers including Best Buy, BevMo and Boot Barn.
Self-storage property sold to investment frim for $19 million
An investment firm formed four years ago with an emphasis on assisting recreational vehicle ownership has expanded in California with a property purchase in West Sacramento. goHomePort, with an address in Chicago, bought a self-storage property for boats and RVs at 3040/3080 Promenade St. and 3555 Ramos Drive in West Sacramento in recent weeks. The 13-acre site, previously known as Southport Self Storage and developed in the early 2000s, sold for $19 million
Epic Real Estate Advisors, Inc sells site at Metro Air Park for new five-story, 99-room hotel project.
Sacramento County has gotten another application for a hotel, this one a five-story Cambria Suites property, though it appears to be part of a group of four.
"The project is proposing 5 story, 99 keys (rooms), approximately 53,960 sq. ft. hotel with full service kitchen and bar including outdoor seating," the project description in the pre-application states. "Building architecture is based on prototype design provided by the franchisor for Cambria Suites Hotel."
Amazon pays $23.603 million for 84 acres in Rancho Cordova
Amazon paid $23.603 million for the property, which is currently undeveloped land. The seller, listed in records as Alta Vista LLC, has the same address as Folsom-based Elliott Homes, the master developer for Rio Del Oro. Amazon appears to be pulling the trigger on a distribution center of more than 600,000 square feet in Rancho Cordova.
Two hotel properties on Howe Avenue sold for affordable housing conversions for $41 million
San Francisco-based The John Stewart Company and Sacramento-based nonprofit Hope Cooperative closed escrow on both the Arden Star hotel at 1413 Howe Ave. the Rodeway Inn at 25 Howe Ave.
Natomas Corporate Center in Sacramento sold to Chavez Management Group
The tallest building in Sacramento's Natomas area, and a neighboring office building that's never had a tenant in its four-year existence, have both sold.
Chavez Management Group Inc., based in Burlingame, bought both 2020 W. El Camino Ave. and 2555 Natomas Park Drive, collectively known as Natomas Corporate Center, in a transaction announced Wednesday. According to Avison Young, Chavez Management paid $44.5 million for the two properties, which sit on 21 acres roughly southeast of where Interstate 5 meets West El Camino Avenue. The larger of the two, 2020 W. El Camino Ave., is a 319,325-square-foot, 20-story building also known as Gateway 2020, built in 2009.
Nearly 1,000 self-storage units in Rocklin sells to New York-based group
According to records, Prime Group paid $20 million for the three-story self-storage property, just west of a Safeway-anchored shopping center.
Total square footage for the units is 98,240, while the building sits on 1.72 acres. Th property has climate-controlled units, electronic access control, drive-up units and a covered loading bay.
City block at 301 Capitol Mall, Sacramento sells for $17 million
The Shingle Springs Band of Miwok Indians bought an entire city block on Sacramento's Capitol Mall, the grassy avenue with landmarks the Tower Bridge and the state Capitol on either end. The tribe bought the land at 301 Capitol Mall for $17 million from the California Public Employees’ Retirement System, which has held the property since 2006, when there was a proposal to develop two 53-story buildings on the site.
FedEx-leased industrial building on Power Inn Road sells for $33 million
Records show 8371 Rovana Circle, a 319,485-square-foot building largely occupied by FedEx Corp. (NYSE: FDX), sold in recent weeks to an entity with a San Francisco address. Records show Lanthian Sacramento LP bought 8371 Rovana Circle for $33 million. That's more than 33% above the 2019 purchase price of $24.5 million, when Blackstone (NYSE: BX) bought that building and 8670 Younger Creek Drive for more than $70 million combined.
Downtown Sacramento office building, nearly fully leased, sold for first time
Escrow closed on 901 H St., a six-story, 51,340-square-foot building built in 1964 that has been under the same ownership until now. The building sold for $5.375 million, or about $1.35 a square foot for the portion of the building that can be leased. Records show the buying entity, Ninth & Jefferson LLC, has the same address in Los Altos as The Hernon Group, a real estate investment company.
Alterra Buys Folsom Construction yard for $6.7 million then leases it back to tenant
A Philadelphia-based commercial real estate investment company made its first purchase in the Sacramento region with a construction yard in Folsom.
Records show 1130 Sibley St. in Folsom sold earlier this month to an entity with the same address as Alterra IOS, a branch of Alterra Property Group that specializes in industrial outdoor storage properties. Alterra bought the 7.03-acre property for $6.7 million, according to property records, in an off-market deal. The property has 19,234 square feet of building space on it.
Howe Avenue Residence Inn hotel proposed for conversion to apartments
Sacramento County has received a pre-application to convert the 176-room property into the same number of apartments, in a project called 1530 Howe Ave. Apartments. Property owner PEG Companies, based in Provo, Utah, didn't return a message seeking comment this week. But when the company bought it in 2018, partner Jameson Haslam said future changes were possible.
New Natomas industrial property owner Eiger Capital could be buying more local assets
Eiger Capital, formed in September 2023, bought 3950 Duckhorn in the North Natomas area for $24.3 million, according to records. The 122,000-square-foot industrial building is fully leased with three tenants: Home Depot, solar power company Sunrun, and logistics company Jillamy Inc.
Six area real estate projects to keep an eye on this year
Economic uncertainty — Recession? Lower interest rates? Elections? — leads to caution in development. That's been the watchword for the last two years, especially when interest rates started rising in 2022. At least at the outset, that's likely to be the conventional wisdom for 2024, too.
North Highlands Super 8 hotel slated for affordable housing conversion
A North Highlands hotel property is headed for an affordable housing conversion, even though it apparently missed out on state money to move it that way.
Called in an application with the county Madison Square Studios, the project would convert an existing Super 8 at 4317 Madison Ave. into 119 units of permanent supportive housing.
Life Time buys Arden Hills property for 12.5 million
The land containing the closed Arden Hills Athletic & Social Club has sold to an entity affiliated with Life Time, which plans to convert it to a new location for the chain and reopen it in 2024. Records show Life Time (NYSE: LTH) bought the 8.87-acre site for $12.5 million.
Local group buys Residence Inn property for $19.6 million
WS Management, a Sacramento-based hotel development and management firm, has bought the 90-room Residence Inn by Marriott in Rancho Cordova, according to property records. PDR Hospitality LP, with an address at the MARRS Building in Midtown Sacramento, bought the Residence Inn Sacramento Rancho Cordova in late December. The address corresponds to WS Management. WS Management paid $19.6 million for the Residence Inn by Marriott, a three-story, 90-room hotel built in 1999. The property is at 2779 Prospect Park Drive.
VSP sells 78,000 sf Rancho Cordova office building for $6.9 million
A local holding company has purchased one of the buildings on eye care giant VSP Vision’s once-sprawling campus in Rancho Cordova. Public records confirm that late last week an entity called JDZ Holdings bought the office building at 3249 Quality Drive for $6.9 million. "We’re pleased with the sale and excited for the JDZ Holdings team to bring in some great new tenants here in Rancho Cordova,” VSP said, in a statement.
Ethan Conrad buys three office properties in Natomas, Rancho Cordova
Conrad, CEO of Ethan Conrad Properties Inc., announced his company closed on the purchases of three new properties last month.
That includes 3215 Prospect Park Drive in Rancho Cordova, a 102,000-square-foot building Conrad bought for $3.96 million; 10961 Sun Center Drive also in Rancho Cordova, which has 44,000 square feet and sold for $2 million; and the 100,000-square-foot 2525 Natomas Park Drive in Sacramento, which sold for $5.35 million.
Predictions...what's coming in 2024 real estate and development
Pandemics, rampant inflation and interest rate hikes tend to throw off prognostication in sizable ways for those parts of the economy. But we're not giving up. Here's what we see coming in the Sacramento region for 2024, with the acknowledgment as always that retired Sacramento Bee business columnist Bob Shallit started this idea and we just stole it.
Argonaut Investment purchases Best Buy-anchored property in Auburn
Retail property investment company Argonaut Investments has entered the Sacramento region with a purchase on Highway 49 in Auburn.
Based in Larkspur, the firm closed escrow last month on The Plaza, a 74,000-square-foot center anchored by a Best Buy. According to records, Argonaut paid $14.5 million for the property, which was built in 2009. Escrow closed on Nov. 20.
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Two Industrial buildings sell in Rancho Cordova
San Francisco-based Turo Partners closed escrow last week on two neighboring Rancho Cordova buildings on Sanders Drive, between them about 90% leased. About 43,000 square feet combined, the buildings at 11270 and 11280 Sanders Drive sold for $5.5 million.
Quail Pointe shopping center sold to REIT Phillips Edison for $44.3 million
For the first time since it was developed in the 1980s, Quail Pointe shopping center in Fair Oaks has a new owner. Located at 5329 Sunrise Blvd., Quail Pointe is 98,314 square feet and currently about 94% leased. Phillips Edison acquired the center for $44.3 million.
Mendocino County based operator pays $11.36 million for local hotel property
A Bay Area-based commercial real estate investment and development company has entered the Sacramento market with the purchase of a fully leased industrial building in West Sacramento. The company paid $33.25 million for the property, according to records, a gain of more than 25% over its most recent sale in 2020.
Bay Area Company makes $33.25 million first area purchase with West Sacramento industrial building
Records show the 152-room hotel property at 1900 Canterbury Road, now operating as a SureStay Plus by Best Western, sold to a hotel operator/owner based in Willits, in Mendocino County. Listed as 1900 Canterbury Rd, the new owner bought the hotel property at that address for $11.36 million, records show.
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 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 Real Estate Advisors Inc.
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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