(EDITOR’S NOTE: According to a report by the Sacramento Business Journal, the sale price on this transaction came at $58 million, or nearly $112 per square foot.)
Sacramento, CA (January 22, 2018) – Basin Street Properties, a prominent Northern California and Northern Nevada real estate investor and developer, has purchased the five building, 518,000 square foot, 33 acre Prospect Green campus and rebranded it White Rock Corporate Campus. The acquisition is the fifth project to join Basin Street’s Sacramento Class A office portfolio.
“White Rock Corporate Campus is an excellent Class A office opportunity in the Rancho Cordova submarket,” said Matt White, CEO of Basin Street Properties, “The 2.5-acre park and redwood grove at the center of campus, combined with the upgrades we have planned for the common areas, fitness center, dining and outdoor areas will make an attractive location for tenants coming from downtown and adjacent submarkets.”
Initially designed and developed by David Taylor as a campus for E*TRADE, White Rock Corporate Campus is now home to regional offices for NEC Solutions America, Federated Insurance, and Liberty Financial Home Equity.
The campus includes five Class A, mid-rise office buildings (three Energy Star certified and two LEED certified), a fitness center, on site café, extensive open space and walking paths and considerable onsite parking. In addition, a finished pad provides for the development of a sixth building.
“The White Rock Corporate Campus property improvements intend to create an outstanding tenant experience,” said Matt White. “Companies recognize the correlation between employee happiness and productivity and we believe our improved common areas and amenities will help provide that.”
New amenities being considered include volleyball courts, bocce, expanded fitness center with classes, enhanced walking paths, bike sharing, picnic areas and improved patio seating. In addition to the on-site amenities, the campus has proximity to a variety of retail options and is just minutes from Highway 50.
This acquisition brings Basin Street Properties to 1.2 million square feet under ownership and management in the Sacramento area. “We look forward to continuing to grow our presence in Sacramento through the acquisition, improvement and further development of projects like White Rock Corporate Campus,” said White, “We see a lot of opportunity in Sacramento and our team is well suited to capitalize on these 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 1.2 million square feet of Class A office space 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, email@example.com or visit basin-street.com.