SACRAMENTO, Calif. – Feb. 9, 2022 – CBRE arranged the sale of a 69,639-sq.-ft. office building in Rocklin, Calif., to a government agency for $10.24 million ($147 per square foot).
CBRE’s Matt Post, Sammy Cemo, Kevin Larscheid, and Scott Rush represented the seller, Stanford Ranch Properties LLC.
The two-story, Class A office building is located at 1400 West Stanford Ranch. Constructed in 2007, the building sits on an oversized 5.7-acre parcel with 327 surface parking spaces. The property also includes excess land that allows for multiple uses and the addition of 97 parking spaces. Verifone, an end-to-end payment and commerce solutions provider, occupies 12,561 sq. ft and the new owner will occupy the balance of the building.
“By effectively marketing the property to the investor, owner-user and brokerage communities, we were able to secure a great outcome for our client,” said CBRE’s Matt Post. “The buyer capitalized on the opportunity to secure a well-located and well-maintained building for its own use at a price significantly below replacement cost.”
Situated five minutes west of Highway 65 on the southeast corner of Stanford Ranch and Sunset Boulevard, the building provides tenants quick access to employee/executive housing and abundant retail amenities within a 10-minute drive, including Blue Oaks Town Center, Westfield Galleria Mall, and The Fountains.
In the fourth quarter of 2022, the Sacramento office market posted its second consecutive quarter of positive net absorption since the onset of the pandemic, according to CBRE Research. The Roseville/Rocklin submarket recorded 28,401 sq. ft. of positive net absorption and a 12.2% total vacancy rate in the quarter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.