SACRAMENTO–Three lease renewals and one new lease are now completed at the Iron Point Business Park located at 1110-1180 Iron Point Rd. in Folsom, CA, according to KBS Strategic Opportunity REIT, a public, non-traded real estate investment trust. Coldwell Banker Residential renewed 5,007 square feet. Engineering consultant, Peterson Brustad Inc. renewed 3,414 square feet. Stewart Title of Sacramento renewed 3,311 square feet and First American Title signed a new, 8,540-square-foot lease.
Jeff Rader, senior vice president of KBS, tells GlobeSt.com: “Our tenant base at Iron Point is committed to the asset and we have achieved 100% retention of existing tenants this year. Beyond our amenity base, location and class-A product, we have increased occupancy by adopting a specialized suite program borrowed from successes in other markets. Tenants are attracted to our new, higher-level finishes, including upgraded kitchens with stainless steel appliances, LED lighting and a variety of flooring options that provide a more inviting work environment. Our newest innovative suite is scheduled to be ready in the third quarter.”
The business park consists of five separate Class A office buildings totaling 211,887 square feet on approximately 15.71 acres. There are two one-story, two two-story, and a three-story building built between 1991 and 2001. Each building is built on a separate parcel. The property has 907 parking spaces for an average of 4.30 spaces per 1,000 square feet. Access to Highway 50 is provided via Folsom Boulevard and Prairie City Road. The location is adjacent to a major Intel Corporation R&D facility, which is currently operating at maximum capacity.
KBS REIT III also renewed a 31,000-square-feet lease at Rocklin Corporate Center by Intercare Holdings Inc. The Rocklin Corporate Center is a two-building, 220,020-square-foot Class A office property located on West Oakes Boulevard in Rocklin, CA. Tom Heacox of Newmark Cornish & Carey represented KBS REIT III in the leases. Greg Tippin of Newmark Grubb Knight Frank represented Intercare.
Built in 2007, the property offers floor-to-ceiling windows that show panoramic views of the Sierra Nevada Mountains. Rocklin Corporate Center is located on 13.9 acres of land with more than 1,000 parking spaces. Its close proximity to Highway 65, Interstate 80 and public transportation provide tenants with easy access to some of the top retail amenities in the Sacramento area. Rocklin Corporate Center was awarded an Energy Star label for its operating efficiency and includes sustainable elements such as low-flow fixtures and recycled content in carpet and ceiling tiles. Since KBS purchased the property in November of 2014, the occupancy rate has jumped from 90% to 96%.
“Rocklin Corporate Center's campus-like environment and various amenities provide a quality experience for its tenants,” said Brent Carroll, senior vice president, KBS.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
