Walaire Inc. Sells 55,851-SF Office Building for $10.5M

ROSEVILLE, CA-Walaire Inc., a Roseville-based investment group has sold a 55,851-sf office building in Roseville to GRAM Properties LLC, a San Jose, CA-based investor, for $10.5 million or $188 per sf.

The three-story steel-frame property was built in 1991 and sits on three acres at 3017 Douglas Blvd. The building is 100% leased and has no significant rollover for the next two years, according to local sources. Major tenants include Old Republic Title, Northwestern Mutual Life and Nutter Electric.

Brian Hanson, a Sacramento-based broker with Marcus & Millichap’s Office and Industrial Properties Group, secured and represented the buyer in the transaction. Hanson tells GlobeSt.com that based on in-place rents the sale price gives the investment an 8% capitalization rate. Moreover, he says the in-place rents are about $1.80 per sf per month while the going market rate is closer to $2.20 per sf per month.