Cushman & Wakefield Brokers Sale and is Retained for Leasing of Class A Campus
SACRAMENTO, Calif. (August 30, 2018) – San Rafael-based Seagate Properties has acquired Creekside Oaks, a 178,694-square-foot Class A office complex located in Sacramento, for $32.2 million. The business complex consists of three high quality buildings located at 1740, 1750 and 1760 Creekside Oaks Dr. and was sold by Ridge Capital, Inc. The acquisition was the upleg of the buyer’s 1031 Exchange.
Kevin Partington, Ron Thomas, Bruce Hohenhaus, Chris Schwarze, Seth Siegel, Steven Hermann, Eric Fox, Adam Lasoff, and George Eckard with Cushman & Wakefield’s Sacramento and Bay Area offices represented the seller in the transaction. Partington along with Sean Mullens and Kris Kamblach in the firm’s Sacramento office were also retained by Seagate Properties for leasing services for the complex.
Mr. Partington, Executive Director, said, “Desirably located in Sacramento’s South Natomas submarket, Creekside Oaks has been meticulously maintained and upgraded over the years and represents one of the premier office projects in the area due to its attractive campus-like environment, institutional-grade construction, floor-to-ceiling glass providing abundant natural light, great parking, and flexible floor plates allowing a variety of leasing options.”
He added, “There are also a number of nearby retail amenities plus on-site campus amenities to include a deli and electric charging stations. Accessibility is another attractive characteristic as the complex is conveniently located near Interstates 5 and 80, and within minutes of amenity-rich Downtown Sacramento.”
Creekside Oaks was approximately 99% leased at the time of sale, and its tenancy represents a diverse and advantageous mix of industries including healthcare, technology and financial services. Mr. Partington noted, “The property’s dynamic tenant roster, combined with improving market fundamentals in this emerging submarket provided a durable in-place cash flow with significant rental upside.”
The buildings were originally built in the late 1980s and early 1990s but underwent significant interior and exterior renovations within the past decade to include revamped common areas, high-end tenant improvements, mechanical upgrades, new rooftops on all buildings, and more.
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Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 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.