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June 17, 2018
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SACRAMENTO NEWS
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S&P Company and Basin Street Properties Team Up in Sacramento Area Office Buy

2/06/18

S&P Company and Basin Street Properties have purchased Prospect Green, a Class A, 518.2k sf office campus in Rancho Cordova, a city within the Sacramento metro area. The five-building campus was acquired with a $44.5 mil senior loan provided by PCCP LLC.

Prospect Green is situated on 32.5 acres of land at 10877 to 10951 White Rock Rd, and 10850 and 10860 Gold Center Dr. The property is 73% occupied and major tenants include the State of California, Liberty Financial Home Equity, Allstate Insurance and NEC Solutions.

The property is an institutionally maintained corporate campus asset within the suburban Sacramento office market. The five buildings were developed in phases between 1990 and 2001 and range from approximately 70k sf to 124k sf in size. The campus also features a workout facility, showers, and cafe.

“PCCP’s loan includes funds for the property acquisition as well as capital for future capital improvements and leasing expenses,” said Jim Galovan, partner with PCCP. “This is a quality asset with strong in-place cash flow and a significant opportunity to add value over the coming months through renovation and leasing.”

Prospect Green is situated within the Highway 50 Corridor, immediately south of Highway 50, one of the two east-west arterial freeways in the Sacramento Area. This submarket has evolved into a location for large tenants seeking a corporate campus setting. Aside from downtown Sacramento, the corridor has the highest concentration of office product within the Sacramento region and is considered a preferred submarket for regional headquarters, back-office operations, and state tenants.




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