Roseville Office Complex Sells for $30M

ROSEVILLE, CA-Roseville’s Eureka Corporate Plaza has been acquired by Wong Family Investors, a Sacramento-based limited partnership, for approximately $30 million.

According to Marcus $ Millichap, a real estate investment brokerage firm, the Roseville/Rocklin submarket is one of the hottest office locations in the Sacramento region and Eureka Corporate Plaza is considered a premier office property. Eureka Corporate Plaza consists of two three-story, mirror-image office buildings that each have approximately 71,000-sf. The two buildings are located at 1504 and 1512 Eureka Road. The building at 1504 Eureka Road is approximately one year old and is 95% leased. The office building at 1512 is approximately two and a half years old and is 100% leased. The properties include a variety of amenities, such as fiber optic wiring, an attractive two-story atrium lobby, energy efficient exterior glass, showers and lockers, a gym and a conference room with audio/visual capabilities.Rents in the building run average about $2.20 per sf. The property’s tenant roster includes Rudolph and Sletten, AG Edwards & Sons, Wells Fargo Bank, Kaiser Foundation, Placer Title, North American Title and CB Richard Ellis.Wong Family Investors acquired the property as part of a 1031 exchange transaction, using the proceeds from the sale of a shopping center in Antelope.The buyers were represented by Brian Hanson and Charles Perera, investment specialists in Marcus & Millichap’s Sacramento office. The seller, represented by CB Richard Ellis, was Vintage Park LLC, a legal entity headed by developer Doug Sutherland’s Citadel Equities Group. “This is class A office space in a class A location with quality tenants,” says Hanson. “The area is supported by upscale restaurants and retail. The Roseville/Rocklin submarket has been one of the hottest leasing markets in the greater Sacramento area as employers seek more amenities offered by newer buildings and shorter commutes for their workers.”