(Read more on the industrial market.)
SACRAMENTO-Basin Street Properties of Petaluma has acquired California Center Business Park, a three-building 168,000-sf campus here for $29 million. The seller was TA Associates.
The complex is 80% occupied. Tenants include Federal Express, Granite Land Co., Providence Funding and SRA International.
Basin Street is a developer of commercial and mixed-use projects in Northern Nevada and Northern California. The acquisition is its first in Sacramento. The complex is located adjacent to Highway 50 and Watt Avenue, which connects Highway 50 to Highway 80. The street address is 8950 Center Dr.
Basin Street president Matt White says the acquisition is indicative of the company's growth strategy, which is to penetrate viable mid-market, urban centers in the Northern California and Northern Nevada regions. The growth initiative got under way following the company's $263-million sale of a large portion of its portfolio to Equity Office Properties in 2005. Since that time, Basin Street has purchased several prominent office and retail buildings in and around Reno.
"Historically, Basin Street has focused on real estate initiatives in more suburban areas, such as Petaluma, CA and Reno," White says. "This acquisition in Sacramento represents our emphasis on expanding into larger, urban markets. We foresee many opportunities in Sacramento."
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