(EDITOR’S NOTE: According to a report by the Sacramento Business Journal, the sale of the properties closed at $44.5 million, or just around $128 per square foot.)
Three Buildings Comprising 346,000 Square Feet of Office Space
Sacramento, CA (September 5, 2018) – Basin Street Properties, a prominent Northern California and Northern Nevada real estate investor and developer, has purchased the three building Point West Portfolio, totaling 346,000 square feet of office space. The acquisition is the sixth project to join Basin Street’s Sacramento Class A office portfolio, and the second in 2018.
“These three Point West buildings are an excellent Class A office opportunity in a key and thriving submarket of Sacramento,” said Matt White, CEO of Basin Street Properties, “The buildings are sound with a strong tenant base. The Point West area is attracting new businesses and significant redevelopment.” 1545 River Park Drive, 1601 Response Road and 1610 Arden Way are the three building locations, just a few blocks from Arden Fair Mall, I-80, Point West Marriott and Cal Expo.
“We think there is significant room for improving these properties,” said White. “The amenity, signage and capital improvements we have planned, combined with our experienced team and tenant focused property management style will serve to retain our existing tenants and attract new tenants from downtown and surrounding markets.” Improvements under consideration include enhancing the common areas, signage, conference room, fitness center, lighting, artwork, outdoor seating, landscaping and adding tenant activities and events. In addition to on-site amenities, the Point West properties are a short walk to Arden Fair Mall and a variety of other dining and retail options.
The three buildings are presently 72% occupied. The Sacramento market is currently over 88% occupied and Basin Street’s family of properties is over 90% occupied. The Point West buildings are home to UBS, West America Bank, Covered California, iHeart Radio and the American Cancer Society.
This acquisition brings Basin Street Properties to over 1.5 million square feet under ownership and management in the Sacramento area. “We continue to be strong proponents of the Sacramento area and look forward to continuing to grow our presence through the acquisition, improvement and further development of projects like Point West,” said White, “The experienced Basin Street team is well suited to capitalize on these Sacramento opportunities for both our investors and our tenants.”
About Basin Street Properties
Basin Street Properties, established in Petaluma in 1974, is one of Northern California’s and Northern Nevada’s most prominent developers, investors and managers of commercial properties. The company owns and manages over 5 million square feet of Class A office space, including 1.5 million square feet in Sacramento. Basin Street is widely recognized for its office, retail, hospitality, multi-family and mixed-use developments. The company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information contact Mike Williams, Vice President of Marketing, 530.448.1986, firstname.lastname@example.org or visit basin-street.com.