(EDITOR’S NOTE: According to sources with knowledge of the transaction detail, the property traded for $33.2 million, or just over $171 per square foot. The seller of the property, located at 620 Roseville Pkwy., was San Francisco-based Strada, according to public documents.)
San Francisco, CA (November 4, 2021) — Newmark announces it has completed the sale of 620 Roseville, a 193,573-square-foot, Class A office/lab building located at 620 Roseville Parkway in Roseville, California. Newmark Vice Chairman and Head of Northern California Capital Markets Steven Golubchik, Vice Chairman Grant Lammersen, Senior Managing Director Jonathan Schaefler, Director Darren Hollak and Associate Director Jack Phipps facilitated the transaction.
“620 Roseville provides secure in-place cash flow from a high-quality tenant roster with a recently executed 13-year life science lease,” said Lammersen.
620 Roseville is fully leased to Gainwell Technologies with recently executed terms to extend 50% of the current space through February 2025. Penumbra, a life science medical device company, recently signed a 13-year lease for a phased lab buildout that will absorb the remaining 50% of the Property.
Prominently located within the Roseville Innovation Park along Foothills Boulevard, 620 Roseville offers tenants an amenity-rich campus environment that includes cafeterias, break rooms, training facilities, conference rooms and a newly constructed fitness center.
The property offers immediate proximity to an abundance of retail amenities and employee housing as well as convenient access to I-80, providing connectivity to the Greater Sacramento region as well as the San Francisco Bay Area.
Directly adjacent to the property is the Campus Oaks Development, a 235-acre mixed-use project that will include 950 residential units, 60 acres of recreational space, and 500,000 square feet of retail/commercial uses including the recently opened Nugget Market.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.