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PacTrust Banks R&D Land Entitled for 1M SF

PORTLAND-As managing member of an LLC with the Washington State Investment Board, the locally based development company buys 100 acres in the El Dorado Hills Business Park in El Dorado Hills, CA.

By Brian K. Miller | Updated on November 29, 2004

PORTLAND-Locally based PacTrust and the Washington State Investment Board have acquired 100 acres within the El Dorado Hills Business Park in El Dorado Hills, CA. The land is zoned for R&D and entitled for one million sf of buildings, according to the buyer’s broker, Herb Grabell, SVP of Grubb & Ellis’ Sacramento office.The land is located on Latrobe Road south of Highway 50. Grabell tells GlobeSt.com that development of the land is slated to begin next summer. The campus-style development will be known as El Dorado Hills Corporate Center. Grubb & Ellis has the marketing assignment. The seller was James W. Cameron Jr. of Sacramento, who was represented by Sammy Cemo of Cemo Commercial. The official buyer is PAC/SIB LLC, a limited liability corporation formed by PacTrust and WSIB in August 1996. PacTrust is the managing member of the LLC, which holds and manages approximately 4.5 million sf of office, industrial and retail property, not including land held for development.The sale closed Nov. 24. The sale price was not released by the parties involved. Local sources say smaller parcels within the park have sold for between $4 and $5 per sf. Buying 100 acres, PAC/SIB is believed to have acquired the land at a substantial discount to that price.

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