Seagate Picks Up 3-Building Sacramento Complex
Seagate Properties has closed on its $32-million acquisition of Creekside Oaks, a three-building, class A business complex in Sacramento, CA from Ridge Capital Inc. The 178,695-square-foot property was 97% leased at the time of sale.
The Creekside Oaks deal was part of a 1031 exchange. In February, Seagate sold 899 Northgate Drive, a 55,137-square-foot office building in its hometown of San Rafael, CA, to PFI Inc. for nearly $19 million.
A five-minute drive from downtown Sacramento, “Creekside Oaks is an attractive investment,” said Seagate principal Brian Johnson. “It is an institutional-quality asset with a strong multi-tenant rent roll. And it provides tenants a more affordable alternative to Downtown Sacramento.”
Cushman & Wakefield’s Kevin Partington, Adam Lasoff, Steve Hermann and George Eckard represented Ridge Capital in the sale. Partington and his CushWake colleagues, Sean Mullens and Kris Kamblach, were retained to lease the Sacramento property.
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