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January 07, 2016

Roseville office building sells for $9.6 million

Sacramento Business Journal

Ben van der Meer

A Roseville office property has traded hands for $9.6 million as part of a tax-exchange deal.

The building at 101 Creekside Ridge Court in Roseville traded hands to a Roseville-based investor late last month, according to public records. Black Iris Properties LLC acquired the 60,000-square-foot building from RREEF America REIT II Corp., a real estate investment trust.

Broker Jon Walker of Kidder Mathews in Roseville said the sale was a perfect opportunity on both sides.

"The buyer needed to identify an asset quickly for his 1031 that was fairly stabilized with upside potential and a seller (a large REIT), needed to place this capital elsewhere," he said in an email. He said he couldn't discuss the transaction in greater length.

At the listed sale amount, the buyer can expect a 7 percent capitalization rate, based on 2015's net operating income, according to Walker.

Kidder Mathews is also handling leasing for the building, which Walker said has about 16,000 square feet of vacant space. Among the building's current tenants are Abso, an employment agency, and PMC-Sierra Inc., an electrical parts supplier.

According to a listing on LoopNet, the building dates to 2000. In listings before sale, brokers made note of the proximity to the Roseville Galleria and other class A retail and office complexes.

For the full story, go to Sacramento Business Journal.

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