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3/05/08
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A San Ramon-based investment entity acquired a 58.8k sf business park in the NoCal town of Davis for $7.25 mil ($123/sf). The property, Davis Commerce Center, is located at 2121 2nd St, adjacent to I-80 and east of Pole Line Rd, roughly 15 miles west of Sacramento.
It was sold by SoCal-based CT Realty Corp, which acquired the property in 2004 and subsequently invested more than $450k in improvements to the property, including a major exterior renovation with new, mature landscaping to create a park-like environment. New exterior lighting and landmark signage were also installed to improve the center’s visibility within the marketplace. In addition, the interior suites were reconfigured to create more flexible floor plans and options for the office tenants.
“Once the renovation plan was completed, several new tenants were signed and we met our planned occupancy levels for the business park,” commented John Valentine, Senior Vice President for CT Realty. “We continue to be highly interested in the Northern California office market, and are actively seeking value-added office and industrial opportunities in the region.”
Malcom Rickards of Colliers International’s Sacramento office represented both CT Realty and the buyer, 2121 Second Street Investors LLC, in the transaction.
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