(EDITOR’S NOTE: According to sources with knowledge of the transaction detail, the property sold for $31.9 million, or around $212 per square foot. The seller, Swift Real Estate Partners, purchased the property in October of 2015 for $28.1 million.)
Sacramento, CA (December 4, 2019) – Basin Street Properties, a prominent Northern California and Northern Nevada real estate investor and developer, has purchased the 150,709 square foot office building located at 2365 Iron Point Road in Folsom, California. The acquisition is the ninth project to join Basin Street’s Sacramento office portfolio.
“2365 Iron Point Road is an excellent Class A office opportunity in the Folsom submarket,” said Matt White, CEO of Basin Street Properties, “It’s a quality building with high visibility along Highway 50 and surrounded by substantial shopping, dining and other amenities. We have a short list of impactful improvements that we believe will attract new tenants to the few vacancies there and will serve to enhance the experience of the existing tenants.”
Built in 2002 with close proximity to Highway 50 (roughly 200,000 vehicles per day), 2365 Iron Point Road is now home to Morgan Stanley, HDR Engineering and Fidelity National Title.
The property is Energy Star and LEED Gold certified and includes a fitness center, bike sharing, extensive open space and walking paths, and considerable on-site parking. It is walking distance to over two million square feet of destination retail space. Across the freeway is the future location of the 11,000-home Folsom Ranch Community.
“The easy freeway access, on-site amenities and additional nearby amenities create an outstanding tenant experience,” said Matt White. “We know that companies recognize the correlation between employee happiness and productivity, and we believe this property’s improved common areas and amenities will help provide that.”
This acquisition brings Basin Street Properties to 1.66 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 buildings like 2365 Iron Point Road,” 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 5 million square feet of Class A office space, including 1.66 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