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Amstar Buys 133,000-SF Office Building for $24M

SACRAMENTO, CA-The property was constructed in 1988 for the IRS, which still occupies the majority of the property.

By Brian K. Miller | Updated on October 11, 2007

SACRAMENTO, CA-Amstar Group LLC recently acquired North Point Corporate Center, a four-story, 133,000-sf office building in the tight Watt Avenue submarket near downtown Sacramento. The purchase price was $23.8 million, which translates to approximately $179 per sf

.The building is located at the intersection of Interstate 80 and the Capital City Freeway, two of the busiest highways in the Sacramento region, and is adjacent to a light rail station. For the past five years, the Watt Avenue submarket vacancy has remained below 9%, and currently stands at 5.7%. North Point Corporate Center is currently 10% vacant.

The building was constructed in 1988 for the Internal Revenue Service, which still occupies 92,000 sf, approximately 70% of the building on a short-term lease. Maric College occupies the remainder of the leased space in the building, approximately 25,000 sf.

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