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Former State Farm Office, Excess Land Trade Hands

FOLSOM, CA-Heller Co. of Sacramento purchases a 17,152-sf former State Farm claim office with two acres of adjacent land on which it plans to develop another office building. The building is one of 44 former State Farm properties in California being sold by Newport Capital Advisors.

By Brian K. Miller | Updated on February 26, 2004

FOLSOM, CA-Heller Co. of Sacramento has paid $3.1 million for a 17,152-sf former State Farm automobile claim office and two acres of adjacent land.

Heller plans to substantially renovate the existing building and develop another 30,000-sf office building on the excess land. The completed project will be known as Iron Point Park.

Tom Walcott and Kris Reilly of Grubb & Ellis’ Sacramento office represented the buyer in the transaction and have been maintained to continue working on the project. Dan Chamberlain, Jon Walker, Jon Larson and Robert O’Neill of Grubb & Ellis’ Newport Beach office represented the seller, Newport Capital Advisors.

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