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Cook Endeavors Spends $23 Mil on Sacramento Area Office Portfolio

7/10/20

Cook Endeavors, led by Robert Cook, closed on an eight-property, 170k sf office portfolio buy in the Sacramento area. The assets, which were sold by WHAL Properties, went for $23.05 mil. Cook, who was in the process of a 1031 exchange, preempted the marketing process by acquiring the portfolio before it went out to the rest of the market.

The properties were approximately 80% leased at the time of sale and in-place rents are generally below market, providing a value-add opportunity for the new owner. Four of the eight buildings are fully leased and there is currently 34k sf of available space across the portfolio. The office buildings are Class B/C quality and were delivered from 1977 to 1996.

The properties are located in the Highway 50 Corridor; East (Gold River), Campus Commons, and Howe/Fulton/Watt Avenue submarkets.They include the following:

• 11341 Gold Express Dr, Gold River, CA
• 11249 Gold Country Blvd, Gold River, CA
• 11211 Gold Country Blvd., Gold River, CA
• 11335 Gold Express Dr, Gold River, CA
• 800 Howe Ave, Sacramento, CA
• 3604 Fair Oaks Blvd, Sacramento, CA
• 3626 Fair Oaks Blvd, Sacramento, CA
• 3620 Fair Oaks Blvd, Sacramento, CA

Brad Idleman, Andrew Gibson, Bob Gilley, Kevin Moul and Andy Zighelboim of Colliers International’s Institutional Capital Markets team represented the seller in the transaction. Thomas Walcott of Colliers Sacramento repped the buyer. The cap rate comes to about 6%.





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