(EDITOR’S NOTE: According to sources with information on the transaction, the deal closed for $25,250,000, or just over $215 per square foot.)
Sacramento, CA – Newmark Knight Frank (NKF) has announced the sale of Crown Corporate Center IV, a four-story, 117,384-square-foot class A office building located at 2860 Gateway Oaks Drive in Sacramento.
NKF Senior Managing Director Dan Chamberlain represented the seller, Rar2 Gateway Oaks CA, Inc., in the transaction. The buyer, State Compensation Insurance Fund, was represented by JLL’s Kevin Mechelke and Clyde Rawlings. The price was undisclosed.
Built in 2003, the office building has a prestigious tenant mix with the University of Phoenix as the major tenant.
“The acquisition was an owner-user play with the building uniquely meeting the buyer’s criteria for location, size, quality, occupancy level and space available,” said Chamberlain.
According to NKF’s Sacramento 3Q17 Market Report, the Sacramento office market maintained strong momentum through the first three quarters of 2017, posting over 260,000 square feet of net absorption in the third quarter. Investors continue to acquire office product in the region, taking advantage of relatively low prices for all product types.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.