The property is located within walking distance of the El Dorado Hills Town Center and has easy access to Highway 50, allowing for a comfortable commute to Sacramento and all of the employment centers along the Highway 50 corridor, as well as close proximity to the many recreational opportunities in the area, including Folsom Lake and Lake Tahoe. The property was acquired prior to full occupancy and the company plans to stabilize operations and enhance physical amenities during the first year of ownership. FPI Management Inc. will manage the property on behalf of the owner.

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Jason Parr of Cushman & Wakefield's San Francisco Office exclusively represented the seller and the buyer.

In the other deal, Ridge Capital Investors and Contrarian Capital Management LLC have acquired Balentine Park, located at 39889 Balentine Dr., in Newark, CA via trustee sale for $9 million ($82 per square foot). The outstanding loan balance at foreclosure was $19.6 million. The 109,200-square-foot, three-story office property is well located just off of I-880 and is one of the premier multi-tenant buildings within the Fremont/Newark submarket of Silicon Valley.

The property, which was 70% occupied at foreclosure, will undergo an extensive, multi-million dollar interior and exterior renovation in 2014. “Our focus is to bring this property back up to a market leading position where tenants will enjoy a high quality, yet cost effective working environment in one of the most accessible suburban Bay Area locations,” says Trevor Wilson, managing director of Ridge Capital Investors. The Fremont/Newark submarket has traditionally been home to smaller service-oriented firms and technology and engineering start-ups and Balentine Park caters well to these tenants with its excellent regional access and small to mid-range sized suites. The property will be managed by Voit Real Estate Services and leased by Walt Stephenson and Scott Dever of Cushman & Wakefield.

The acquisition fits well within the venture's strategy of investing in core locations with strong employment fundamentals. The Silicon Valley market ranks amongst the most desirable office and R&D locations in the country due to its diverse economy and healthy technology base. The company plans to capitalize on these market trends via an attractive investment basis that will allow the building to be marketed at a highly competitive lease rate.

This is the third office investment within the Silicon Valley for Ridge Capital Investors in the last 18 months. As GlobeSt.com previously reported, the firm acquired Saratoga Downs Apartments in a JV, a 124-unit apartment community, and Sheveland Ranch Townhomes, a 54-unit townhome development, both just south of downtown Napa, CA for a combined price of $39.5 million. In addition, as GlobeSt.com reported, in San Jose, the firm, in a JV with Contrarian Capital Management LLC, acquired 3001 Orchard Pkwy. for $13.5 million. The 97,840-square-foot, multi-story property is centrally located within Silicon Valley's Golden Triangle, just off North First Street, and has consistently served as a headquarters building since its original development.