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4/28/21
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In a notable Sacramento office buy, Nome Capital Partners paid $57.5 mil for a two-building, 315.4k sf ($182/sf) asset. The office park, located at 1625 and 1747 North Market, was sold by Pac West Office Equities, L.P.
Situated on approximately 23 acres, the project is currently 99% leased to the AA-rated California Department of Consumer Affairs (DCA). With occupancy at the project since 2005, the Department of Consumer Affairs has demonstrated long-term commitment through recent extensions and expansions within the buildings as well as significant capital investment into their space.
The acquisition includes an additional 4.6 acres of excess land that has the potential to be developed as an additional office building for future use. Located in the North Natomas submarket of Sacramento, the project presents an abundance of walkable retail amenities, direct access to I-80 and proximity to Downtown Sacramento. Nome Capital Partners plans to invest in solar plants and smart energy technologies to increase the efficiency of the project.
Grant Lammersen, Steven Golubchik, Jonathan Schaefler, Darren Hollak and Jack Phipps with Newmark represented the seller in the transaction.
“1625 & 1747 N. Market offers the highly-desired opportunity to acquire an asset with stable, long-term cash flow from investment grade tenancy,” said Lammersen. “The project will join Nome Capital Partner’s expanding portfolio of income-driven office assets located in key markets throughout California.”
According to Newmark Research, North Natomas continues to be one of the top performing submarkets in the region boasting a Class A office vacancy rate of just 2.6%, significantly lower than the overall Sacramento Class A market’s rate of 7.0%.
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