JLL Closes $55M Sale of Sacramento Office Building
Seagate Properties and Cottonwood Group have partnered in the $55 million acquisition of 925 L St., a Class-A, multi-tenant office building in downtown Sacramento, CA. JLL Capital Markets arranged the transaction, representing the seller, a JV between Soma Capital Partners and Hazelview Investments.
The 13-story, 169,000-square-foot building is LEED Gold certified, and sits adjacent to the state Capitol in the heart of Sacramento’s Government Affairs district. The 94%-occupied tower has 4.7 years of weighted average lease term with 63% of the building leased to investment grade tenants, including the State of California. Prior to the sale, ownership had signed a 13-year lease with a large State tenant, demonstrating the location’s obvious benefits.
The JLL Capital Markets team representing the seller was led by Senior Managing Director Rob Hielscher, Senior Director Erik Hanson and Director Nick Deaver.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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