According to Newmark research, Sacramento’s North Natomas continues to be one of the top-performing submarkets in the region and the recent acquisition of 1625 and 1747 North Market is a good example of that demand. The class-A two-building office park recently sold to Nome Capital Partners for $57.5 million.
Totaling 315,372 square feet across 22.99 acres, the project is currently 99 percent leased to the California Department of Consumer Affairs. With occupancy at the project since 2005, Consumer Affairs has demonstrated long-term commitment through recent extensions, expansions within the buildings and significant capital investment into the space.
Newmark’s Grant Lammersen, Steven Golubchik, Jonathan Schaefler, Darren Hollak and Jack Phipps represented the seller, Pac West Office Equities LP, in the transaction.
“1625 and 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.”
There is an additional 4.6 acres of excess land included in the project that has the potential to be developed as an additional office building for future use. Nome Capital Partners plans to invest in solar plants and smart energy technologies to increase the efficiency of the project.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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