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Opus Pulls Sacramento Buildings Off Market

ROCKLIN, CA-As part of a larger portfolio offering, investors unsuccessfully try to acquire a substantially vacant 450,000-sf class A office package in the region at a discount.

By Brian K. Miller | Updated on November 19, 2007

ROCKLIN, CA-Opus West has extracted from a 3.4-million-sf, 12-building multi-state portfolio offering a 450,000-sf class A office portfolio near Sacramento that it feels was being undervalued by potential buyers. “We didn’t feel any motivation to sell at a discount,” Don Little, head of the company’s Northern California operations, tells GlobeSt.com.

Instead, Phoenix-based Opus West will continue to construct and lease up the Sacramento-area properties. The package includes Rocklin Corporate Center, which consists of two three-story, 109,000-sf buildings that will be completed at the end of the month; and two 120,000-sf buildings, one built and one not, at Gateway Corporate Center, the office portion of its mixed-use development at Truxel Road and Interstate 80 in north Natomas.

Little says the one building at Gateway Corporate Center, completed in December, is 40% leased to three tenants while the brand new Rocklin development has just signed its first tenant, RHL Design Group, to an 8,600-sf lease. The asking lease rate for the Gateway building is in the range of $2.30 per sf to $2.35 per sf per month, full service, and the asking rate for the Rocklin buildings are “a little bit more,” Little says. The rates assume at least a five-year lease and a tenant improvement allowance of between $35 per sf and $40 per sf.

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