SAN FRANCISCO – NOVEMBER 14, 2016 – CBRE Capital Markets has arranged the sale of University Research Park, a 17-building campus totaling 304,912 square feet in Davis, California, to Fulcrum Properties for approximately $70 million.
CBRE’s Russell Ingrum, Joe Moriarty, Tyler Meyerdirk, Sean Sullivan, Stuart Wright and Matt Post represented the seller, Interland LLC. The property was 92% percent leased at the time of sale. Mike Stassi and Daniel Baker of CBRE’s Sacramento office provided leasing market expertise.
“University Research Park is a truly unique asset that benefits from close proximity to UC Davis and true limits on new supply. This will be a great addition to Fulcrum Properties’ portfolio for years to come,” said Mr. Ingrum, Vice Chairman, Institutional Properties, CBRE Capital Markets.
Located at 1440-1590 Drew Avenue, 1850-2020 Research Park Drive and 1947 Galileo Court, University Research Park is situated on 32.7 acres. The buildings offer a mix of high-quality office, research and laboratory space. Major tenants include Novozymes, Marrone Bio Inovations and UC Regents.
The 17-building campus is located less than one mile from the University of California, Davis. The campus benefits from its close proximity to UC Davis, which provides access to its large student and faculty population as well as a direct link to the University’s fiber optic computer network. The property also offers convenient access to Interstate 80, nearby apartment buildings and Downtown Davis’ abundant retail market.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.