Blue Shield Sells Four-Building Office Complex in El Dorado Hills, Calif. For $49.3MM 

Blue Shield of California, JLL Capital Markets, El Dorado Hills, ProEquity Asset Management Corporation, Solaris Capital

SAN FRANCISCO – JLL Capital Markets announced today that it has closed the $49.3 million partial sale-leaseback of 4201-4207 Town Center Blvd., a four-building, Class A office complex totaling 244,983 square feet in El Dorado Hills, California.

JLL marketed the property on behalf of the seller, Blue Shield of California, who plans to continue occupying two of the buildings. A joint venture between ProEquity Asset Management Corporation and Solaris Capital acquired the portfolio.

The building boasts modern amenities, including a fitness center, on-site café, solar panel covered parking lot and more. In addition, the campus has upgraded lighting, power, elevators and fire and life safety systems.

4201-4207 Town Center Blvd. is located with Highway 50 frontage, providing convenient access to downtown Sacramento and the broader Bay Area. Furthermore, the office complex is within walking distance of retail, dining and entertainment amenities, including El Dorado Hills Town Center.

Positioned within the Highway 50 corridor, the property benefits from the influx of tenants coming from Downtown Sacramento and the San Francisco Bay area looking for affordable office space. 4201-4207 Town Center Blvd. further benefits from the area’s affluent and educated workforce, with 44,000 workers within five miles of the complex, 55% of which have a bachelor’s degree or higher and an average household income of $199,000.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Adam Lasoff, Senior Director Erik Hanson and Analyst Johnny Van Der Velden. Executive Managing Director and President of Office Tenant Representation Tom Maloney, along with Executive Vice President Michael Stassi, also assisted with the sale and lease negotiation.

“The closing of this transaction demonstrates the market’s increasing appetite for high-quality and well-located office product,” Lasoff said.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.

About ProEquity Asset Management Corporation

ProEquity provides comprehensive solutions for commercial real estate owners and investors by leveraging expansive partner level experience and strong senior property management and accounting teams to deliver a broad range of integrated services including asset management, portfolio management, receivership, property management, development, construction management and transaction services.

About Solaris Capital

Solaris Capital, based in Miami, FL is a real estate investment firm focused on providing alternative, flexible capital – primarily in the form of subordinated debt, preferred equity, and common equity – for real estate transactions across multiple property types.

About JLLJLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

West Coast Commercial Real Estate News