Wonderful Real Estate Buys Sacramento-Area Office Asset
- Mar 14, 2019
RREEF Property Trust sold a 178,555-square-foot Class B office property near Sacramento, Calif., to Wonderful Real Estate for $36.9 million, according to Yardi Matrix. The asset, fully leased to the Centene Corp., last changed hands in April 2006, when BentleyForbes sold the buildings as part of a 605,000-square-foot portfolio transaction valued at $125 million.
Located at 10730-10734 International Drive in Rancho Cordova, the two two-story buildings are approximately 13 miles from downtown Sacramento in the Highway 50 Corridor submarket. The asset is 1.5 miles from the Lincoln Highway, just north of Mather Airport. More than 3.6 million square feet of office space fall within 1 mile of RREEF’s acquisition, Yardi Matrix data shows.
The buildings, constructed in 2001, were formerly a Verizon customer service center, until the tenant shuttered its Sacramento operations in January 2017, according to the Sacramento Bee. Centene moved into its space in September that year.
Over the past year, RREEF has traded some 1.4 million square feet across several markets. In April, the firm sold a 383,000-square-foot LEED Silver office property in a suburb of San Francisco for nearly $115 million.
Image courtesy of Yardi Matrix