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8/30/16
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Basin Street Properties has acquired Harvard Corporate Center, a Class A, 290.4k sf office complex in Sacramento. The mid-rise campus, sold by USAA, was 96% occupied at time of sale. The purchase was financed with a $31 mil senior loan provided by PCCP LLC.
Built in the late 1980s as its western regional headquarters, USAA consolidated its operations to Texas in 2010 and has since re-tenanted the property with Nationwide Mutual Insurance, ALTA California, and Summit Funding. The property is located at 2241 and 2251 Harvard St, and is LEED Gold-certified. The property lies on a 23.6-acre site, of which 15 acres is excess developable land.
The attractive campus features one six-story and one four-story building totaling 275k sf, a 1,039-stall parking structure, an 11.5k sf fitness center, and a 15.5k sf low-rise office building. Secured bridgeways connect the two main buildings to the parking structure as well as to each other. Amenities include sand volleyball and outdoor basketball courts, a lighted baseball field, walking trails, and outdoor patio areas.
Harvard Corporate Center is located in the Point West submarket of the Sacramento region and is near the convergence of Hwy 50 and Interstate 80, providing ease of access throughout the Sacramento area, as well as proximity to Downtown Sacramento.
“Harvard Corporate Center is an institutionally maintained, best-in-class asset within the suburban Sacramento office market, providing office tenants an affordable and attractive corporate campus environment,” noted Dorian Farhang, an associate vice president with PCCP. Founded in 1974, Basin Street Properties is a Northern California and Northern Nevada--focused real estate investment, management, and leasing company with offices in Sacramento, Reno and Petaluma.
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