The red brick California Sutter complex is a four-story, 70,600-sf building, which is located at 28th and J streets. It features 18,750-sf floor plates and 296 parking spaces. The property is about 95 % leased.
According to Grubb & Ellis, Ravel owns several office properties in Sacramento, and recently acquired Sutter Medical Center, Sacramento campus, which is one block away from their new property.
"This acquisition adds to Ravel Properties' already significant medical office property portfolio," says Matt Cologna of Grubb & Ellis, who represented Ravel in the deal.
"Now is the time for investors – both owners and buyers – to take advantage in the growing demand for medical office space in our area," says Heath E. Charamuga of Grubb & Ellis, who represented the seller. "The building itself is representative of this growing demand – we estimate that there is less than five percent vacancy in medical office space in the Sacramento area, and lease rates are climbing steadily."
Along with Charamuga, Grubb & Ellis' Capital Advisory Services Team of Bill Liggett, Erik Neese and Robert H. Cole represented the seller in the transaction.
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