PCCP Provides Financing for Sacramento Campus Acquisition
- Sep 02, 2016
By Alex Girda
Sacramento, Calif.—Basin Street Properties recently acquired the Harvard Corporate Center, following a successful financing measure. PCCP provided the buyer with $31 million, which allowed Basin to purchase the property from seller USAA.
Located at 2241 and 2251 Harvard St. in Sacramento, Harvard Corporate Center offers a total of 290,430 square feet of space. The office property occupies a 23.6-acre site, with 15 acres of excess developable land also part of the package. The asset offers proximity to the convergence of Hwy 50 and I-80, as well as Sacramento’s core.
The campus consists of two larger office buildings, one six-story and one four-story, a 1,039-stall parking structure, an 11,465-square-foot fitness center, as well as a 15,480-square-foot low-rise office building. Offering LEED Gold certification from the US Green Building Council, the property is a part of the Point West submarket. Campus amenities include sand volleyball and outdoor basketball courts, a lighted baseball field, walking trails and outdoor patio areas.
Previous owner USAA carried out improvements that allowed it to significantly improve leasing at the property. Since 2010, the facility has added Nationwide Mutual Insurance, ALTA California, and Summit Funding to its tenant roster, leading occupancy to 96 percent.
Image courtesy of PCCP