Bering Capital Partners Buys Suburban Sacramento Office Building for $13.25MM

Bering Capital Partners LLC, Gold River, Gold Point Office Park, San Francisco, Rancho Cordova, Folsom, Zurich, CBRE, Sacramento

San Francisco, CA, Sept. 29, 2022 – An affiliate of Bering Capital Partners LLC recently closed on the acquisition of a three-story suburban office building in Gold River for $13,250,000, or $122 per square foot. The property is located at 12009 Foundation Place and is a part of Gold Point Office Park on Highway 50 between Folsom and Rancho Cordova. Constructed in 2001, the three-story building totals approximately 107,934 square feet, and is currently 30% leased to four different tenants. The seller was a Sacramento-based developer/investor, which had built and owned the project since it was completed.

Bering plans to invest additional capital into the project, including renovations to building common areas, landscaping, and outdoor amenity areas.

“This is a best-in-class modern office project, with a great location, in a very desirable suburban Sacramento submarket,” said Christopher Aust, founder and Managing Principal of Bering Capital Partners. “It is the quality and profile of building that companies are seeking, in order to boost success with either hybrid or full-time return to office strategies.”

The property is located within the affluent Gold River area, on the north side of Highway 50 just west of Hazel Avenue. The desirability of the project was recently demonstrated by some new leasing. Swiss-based global insurer Zurich signed a lease concurrent with closing for more than 16,000 square feet. They will relocate from older space in Rancho Cordova and were attracted to newer age of the building and the modern building systems, as well as the location, ample parking and easy freeway access. This lease came on the heels of a nearly 9,000 square foot lease to the State of California a few months earlier.

“We like the recent leasing activity here in a challenging market,” said Aaron Stein, Senior Vice President of Asset Management for Bering Capital. “We have a strong basis and the opportunity to add significant value through lease up and active asset management.”

This was the first investment made by the new firm. After nearly two decades of institutional acquisitions and investment management roles for both Principal Real Estate Investors and KBS Realty Advisors, Aust formed Bering Capital Partners to capitalize on his broad experience and relationships. He is joined by Stein and Vice President Lisa Klenner, both of which he had worked with in institutional roles previously. The seller was represented by the CBRE team Randy Getz, Jason Goff and Nellie Cruz. Project equity was provided by Odyssey Capital Group and MBM Companies. Acquisition financing was provided by Prime Finance.

About Bering Capital Partners

Bering Capital Partners is a San Francisco-based private equity real estate investment and operating platform, focused on opportunistic, value-add, and transitional investment opportunities in the major markets of the Western United States. The privately held firm was founded in 2020 in order to build upon a deep track record of highly successful real estate investments by its principals through multiple economic cycles over nearly two decades. Our significant experience and primary focus involve the full-cycle acquisition, asset management, and disposition of multiple commercial property types including Office, Life Science, R&D, Warehouse and Manufacturing properties. We invest directly, as well as in joint ventures with institutional and private equity investor partners. Our Unwavering Commitment is to selectively curate unique often over-looked opportunities that produce superior risk-adjusted returns for our investors.

West Coast Commercial Real Estate News