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9/13/18
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Point West, a Class A portfolio comprising three office buildings totaling 345.8k sf in Sacramento, was acquired for $44.6 mil ($129/sf) by Basin Street Properties. The buildings are located at 1545 River Park Drive, 1601 Response Road, and 1610 Arden Way.
The portfolio is located in the highly desirable Point West submarket of Sacramento, in walking distance to world-class retailers along with direct access to the Capital City freeway. Called the Point West Portfolio, the portfolio is 78% occupied by a diverse tenant base including UBS, GSA, WestAmerica Bank and Covered CA.
Grant Lammersen, Steve Golubchik, Edmund Najera and Tyler Meyerdirk of NKF Capital Markets represented the seller, Hines, in the transaction. The acquisition was financed with a $36.6 mil senior loan provided by PCCP LLC.
“As downtown Sacramento’s renaissance and rent growth continues to displace rent-sensitive tenants, Point West is poised to continue receiving substantial inbound tenant migration,” said Lammersen.
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