DivcoWest Acquires 640,000-SF Sacramento Office Portfolio
- Sep 10, 2010
September 10, 2010
By Allison Landa, News Editor
Real estate investment and management firm DivcoWest has just substantially increased its portfolio. The firm has completed its purchase of Prospect Green, a 642,262-square-foot Class A office portfolio in Sacramento, California.
The purchase price and terms were not disclosed for the transaction, which was made on behalf of Divco-sponsored real estate investment firm Market Street Capital Partners. The portfolio includes one six-story office tower and five mid-rise buildings. The tower, known as One Capital Center, was developed in 1989. The others were developed in phases between 1990 and 2001; occupancy in the portfolio is 70 percent, including tenants such as Barclays, Allstate and Aarojet.
All buildings are located in the Prospect Park master-planned community, which spans 7 million square feet. The park includes office, retail and residential space along the Highway 50 corridor.
According to DivcoWest acquisitions director Sam Hamilton, this first purchase in the Sacramento area was made in part due to the city’s solid base of government, education and technology that in turn attracts nationally recognized tenants.
In a decade and a half of existence, DivcoWest has invested more than $860 million in equity and acquired more than 17.5 million square feet of commercial space nationwide.