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Basin Street Properties Lands 518,000-SF Office Park in Rancho Cordova

DivcoWest Completes $58 Million Sale of Prospect Green
February 7, 2018
Reno, NV-based Basin Street Properties closed on its largest investment in the Sacramento market to date, teaming up with S&P Co. to purchase the Prospect Green office park in Rancho Cordova, CA from DivcoWest for $58 million, or approximately $112 per square foot.

Prospect Green totals 518,156 square feet over five low-rise buildings, measuring from 70,000 to 124,000 square feet, at 10877 to 10951 White Rock Rd. and 10850 and 10860 Gold Center Dr. in east Sacramento's Highway 50 Corridor.

Situated on 32.5 acres, the corporate campus is currently 73 percent leased to a tenant roster that includes the State of California, Liberty Financial Home Equity, Allstate Insurance and NEC Solutions.

Basin Street Properties and S&P Co. obtained a $44.5 million loan through PCCP, LLC to purchase Prospect Green. Proceeds from the loan will also be used to finance future capital improvements and leasing expenses.

A commercial real estate firm that targets investments in Northern California and Reno, Basin Street Properties' Sacramento holdings also include Harvard Park, Capitol Oaks, the California Center and the Stone Point Plaza in Roseville, according to its website.

For more information regarding this transaction, please see CoStar COMP #4114298.
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