(EDITOR’S NOTE: According to public records, the property sold for $42.9 million, or roughly $195 per square foot.)
San Francisco, CA (June 11, 2018) – NKF Capital Markets has announced the sale of Rocklin Corporate Center located at 6020 and 6030 West Oaks Boulevard in Rocklin, CA. The property is a two-building 220,020-square-foot class A office project. NKF Capital Markets Vice Chairman Grant Lammersen, Director Tim Walling and Associate David Hosler represented the seller, Rocklin Corporate Center, LLC, in this transaction to buyer Inverness Management, LLC.
Rocklin Corporate Center is 98 percent leased to a strong credit and nationally-recognized tenant roster that includes Liberty Mutual Insurance, SMA Solar Technology, PG&E, and Oracle. Each of the property’s largest tenants represents different industries. This provides the buyer with stable cash flow and diversity.
As one of the premier assets in the Sacramento region, Rocklin Corporate Center is well-positioned to benefit from widely-anticipated near-term rent growth as market fundamentals continue to strengthen in both Placer County and the Greater Sacramento region.
The property is considered the best in Rocklin due to its unique campus-like setting, institutional-quality construction, and central location near both employee and executive residences. It is also well-located to Highway 65 and Interstate 80.
“Sacramento’s leasing market fundamentals have rapidly improved with seven consecutive quarters of positive absorption. In addition, active tenant requirements have increased by more than 25 percent in total square feet of active requirements year-over-year” said Lammersen. “In addition to Rocklin, submarkets such as Folsom, Roseville, Pointe West and South Natomas continue to experience this positive momentum.”
About NKF Capital Markets
NKF Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings.
We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.