Graceada Partners Picks Up Sacramento Office Building
- Sep 24, 2020
Graceada Partners has purchased 2101 Arena Boulevard, a 78,400-square-foot office building in Sacramento, Calif. through its Graceada Partners Fund II.
The property is fully occupied by the California Department of Business Oversight under a nine-year lease. According to Yardi Matrix data, The Lily Co. sold the Class B asset for $12.4 million and the buyer financed the acquisition with a note from California Bank of Commerce. The transaction is what Graceada Principal Ryan Swehla considers to be a smart investment in terms of fundamental value and replacement cost.
The two-story building at 2101 Arena Blvd. came online in 1999. The property was extensively renovated in 2020 to accommodate the Department of Business Oversight, as the state agency relocated its headquarters from 1515 K St. Improvement works included building gutting and complete interior renovations which brought the asset to Title 24 standards.
The 5.3-acre property is some 6 miles north of downtown Sacramento in the North Natomas submarket, near Sleep Train Arena.