A fully leased Class A office building in Roseville has sold to a Modesto land investment company for $16.05 million.
Escrow closed in mid-November for 1101 Creekside Ridge Drive, a two-story building of about 88,000 square feet. RREEF America Reit II Corp. sold the 2001-built structure to Beard Land Improvement Co., based in Modesto, according to property records.
The building was for sale for several months unpriced, said Jon Walker, a senior vice president with Kidder Mathews"s Sacramento office. Walker represented the seller on the deal.
Beard, which owns and operates an industrial park in Modesto in addition to property investment, needed a place to put money in a 1031 exchange deal, he said.
"It was a perfect fit for both sides," he said. The building is fully occupied by Adventist Health and York Insurance Services Group California.
A representative for Beard said the company has no plans for the building other than as a source of revenue.
Walker said the listing scared some investors off because Adventist is planning to develop a new headquarters on Eureka Road in Roseville. The health provider"s lease at 1101 Creekside Ridge has two years to run, he said.
But it"s possible Adventist will renew at least a bit longer, with the new headquarters probably still a couple years away. And if Adventist leaves, Walker said, the building is still an attractive property.
"It"s an "A" location that"s adjacent to the Roseville Galleria," he said.
Steve Tyrrell of Kidder Mathews worked on the sale on behalf of Beard Land Improvement.
For the full story, go to Sacramento Business Journal.
© 2016 American City Business Journals. All rights reserved.