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4/16/15
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PCCP LLC acquired Stoneview Plaza, a 108.4k sf, Class A office building in Roseville, about 22 miles northeast of Sacramento. The asset was in foreclosure and sold by the lender via Auction.com.
Built in 2005, the property is situated on 5.5 acres at 3001 Lava Ridge Court and is currently 72.5 percent occupied. The property offers flexible 36k sf floor plates, nine- to 10-foot finished ceiling heights, outdoor balconies, a highly upgraded atrium lobby and a large outdoor fountain along with attractive landscaping.
“This investment provided PCCP with the opportunity to acquire an institutional-quality office property in Roseville, Sacramento’s strongest office submarket, at a price significantly below replacement cost,” said Jim Galovan, managing director with PCCP, LLC. “It is in excellent condition with a stable in-place rent roll and we are immediately launching leasing efforts for available space to take advantage of the momentum in this office market.”
Basin Street Properties, an experienced local owner and operator of office assets, has been retained as Stoneview’s property manager. Newmark Cornish and Carey will spearhead leasing efforts.
The property is well-located near major retail amenities and executive housing and offers convenient access via Interstates 80 and Highway 65, which are both less than 1.5 miles away.
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