The seller, The Evergreen Co. of Sacramento, developed the mid-rise product between 1999 and 2002. The buildings range in size from 62,000 sf to 121,000 sf and are each net leased to a single tenant.
Bear, Stearns & Co provided Bentley Forbes institutional financing for the acquisition. Heath Charamuga and the Capital Advisory Services Team of Grubb & Ellis Co. spearheaded the transaction.
The purchase marks the start of a buying binge for Bentley Forbes. Company president C. Frederick Wehba says the company is targeting $500 million in investments before mid-year 2004, and will be aggressively pursuing single-tenant and multi-tenant class A office, industrial, warehouse and retail properties "where strategically appropriate to the growth of our portfolio."
The building and tenant breakdown for the Sacramento-area acquisition is as follows:
-- 1101 Creekside Ridge Dr., Roseville, CA -- 88,400 sf; leased by Agilent Technologies and Adventist Healthcare.
-- 101 Creekside Ridge Dr., Roseville, CA -- 62,300 sf; leased by Agilent Technologies.
-- 1025 Creekside Ridge Dr., Roseville, CA -- 73,800 sf; 60,000 of which is leased by Allstate Insurance.
-- 10734 International Dr., Rancho Cordova, CA -- 72,300 sf; leased by Verizon Wireless.
-- 10730 International Dr., Rancho Cordova, CA -- 99,500 sf; leased by Verizon Wireless.
-- 3241 Kilgore Rd., Rancho Cordova, CA -- 102,830 sf; leased by Delta Dental.
-- 11120 International Dr., Rancho Cordova, CA -- 99,500 sf; leased by the State of California.
-- 2155 Iron Point Rd., Folsom, CA -- 121,380 sf; leased by Kaiser Foundation Health Plan.
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