(EDITOR’S NOTE: According to sources familiar with the details of the transaction, the sale closed for $39.45 million, or just over $250 per square foot.)
Cushman & Wakefield Represents Seller and Arranges Debt Financing for Buyer
SACRAMENTO, Calif., March 18, 2020 – Cushman & Wakefield announced today the firm has represented the joint venture of Farallon Real Estate Partners and Strada Investment Group in the disposition of a 157,518-square-foot Class A office and lab property in Roseville (Sacramento), California. Located at 630 Roseville Parkway, the single-story building is fully leased to Penumbra, a global healthcare business. The buyer was Virginia-headquartered Harbor Group International (HGI).
Cushman & Wakefield investment specialists Adam Lasoff, Seth Siegel, Steve Hermann, Rick Ingwers, Eric Fox and Ryan Venezia represented the seller, with the firm’s Keith Padien and Rob Rubano also arranging debt financing on behalf of HGI. Cushman & Wakefield’s Ron Thomas and Chris Schwarze also provided local leasing and market advisory.
The recently updated, state-of-the-art facility is situated within the Roseville Innovation Park in the heart of Sacramento’s medical community. Benefiting from institutional-quality improvements, large floor plates, and an above-market parking ratio, the building also features unrivaled 20’ ceiling heights and a new campus-like outdoor recreation area complete with an amphitheater, barbecue, bocce ball court, and more, with exclusive use by the tenant. There are also numerous amenities including retail, entertainment and residences all within a short distance.
The property offers excellent access to Highway 65, Interstate 80 and all major thoroughfares in the area. It is also well located approximately 20 miles northeast of downtown Sacramento & the State Capitol and just 25 miles from Sacramento International Airport.
The Greater Sacramento region continues to offer high-quality product of scale at a discount to San Francisco and other Bay Area markets. The region’s strong market fundamentals and continual development position the area to benefit from the growth of a diverse user base. The Greater Sacramento region offers strong demographics, residential density, prominent amenities, and a high quality of life that contributes to the market’s thriving demand.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.