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December 18, 2018
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State Compensation Insurance Fund Buys 117k sf Office Building in Sacramento


State Compensation Insurance Fund has purchased Crown Corporate Center IV, a four-story, 117.4k sf Class A office building in Sacramento. It was sold by was sold by Rar2 Gateway Oaks CA Inc. The price was not disclosed.

The property is located at 2860 Gateway Oaks Dr, in the southwest quadrant at the intersection I-80 and I-5. Built in 2003, the office building has a prestigious tenant mix with the University of Phoenix as the major tenant.

Dan Chamberlain with NKF represented the seller in the transaction. The buyer was repped by JLLs Kevin Mechelke and Clyde Rawlings.

The acquisition was an owner-user play with the building uniquely meeting the buyers criteria for location, size, quality, occupancy level and space available, said Chamberlain.

According to NKFs Sacramento 3Q17 Market Report, the Sacramento office market maintained strong momentum through the first three quarters of 2017, posting over 260k sf of net absorption in the third quarter. Investors continue to acquire office product in the region, taking advantage of relatively low prices for all product types.

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