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Government Leased Building in the Sacramento Area Sells for almost $400/sf

7/29/19

A 17.5k sf, single-tenant office building in the Sacramento suburb of El Dorado Hills sold for $6.75 mil, or $386/sf. The government building, located at 5152 Hillsdale Circle, was constructed as a build-to-suit for the U.S. Bureau of Land Management, and the lease is guaranteed by the United States of America (S&P: AA+).

The property was purchased by a Sacramento-based family office that deferred capital gains tax with the acquisition while on a 1031 exchange. At the time of sale, there were more than 10 years of primary lease term remaining. The Mother Lode Field Office oversees approximately 230,000 acres of federally owned land in thirteen central California counties, including all rivers that flow west from the Sierra Nevada, and it has operated in El Dorado Hills since 1966.

Scott Briggs with Stan Johnson Company represented the seller, a California-based developer. The cap rate was not disclosed.

“Investors are hungry for high-quality real estate with strong lease guarantees,” said Briggs. “We procured multiple competitive bids, and we ultimately closed at 97% of our list price, illustrating the high levels of current demand in the government-leased space.”




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