Press Releases
Basin Street Properties Makes its Mark in Sacramento
With Acquisition of the California Center
Prominent Northern California and Northern Nevada Real Estate Developer Purchases 168,000 Sq. Ft. Corporate Campus
SACRAMENTO, Calif., – April 20, 2007 – Basin Street Properties, a prominent Northern California and Northern Nevada developer of commercial and mixed-use properties, announced its entrance into the Sacramento region with the recent purchase of the California Center Business Park – a 168,000 sq. ft., three-building corporate campus – for approximately $29 million. Sold by TA Associates, the Class "A" business center features such marquee companies as Federal Express, Granite Land Company, Providence Funding and SRA International. The campus is nearly 80 percent occupied.
"This is a very exciting deal for Basin Street," said Matt White, president of Basin Street Properties. "Our move into Sacramento is indicative of our growth strategy, which is to penetrate viable mid-market, urban centers in the Northern California and Northern Nevada regions. We foresee many opportunities in Sacramento as we continue to diversify our portfolio by acquiring strategic assets within thriving markets."
The California Center offers a premier location at 8950 Center Drive, conveniently adjacent to Highway 50 off Watt Avenue, which is a major thoroughfare and key connector to Highway 80. The corporate campus offers a health facility on site and a variety of retail options within walking distance.
"Historically, Basin Street has focused on real estate initiatives in more suburban areas, such as Petaluma and Reno. This acquisition in Sacramento represents our emphasis on expanding into larger, urban markets," added White. "The addition of the California Center as the newest property to our portfolio demonstrates our continued effort to purchase real estate assets that are beneficial to the overall community and that support expansion and growth. The California Center is ideal for Sacramento businesses and employees with its close proximity to major transportation routes, including light rail systems, and its central location to residential areas and downtown."
Since Equity Office Properties Trust purchased $263 million of Basin Street’s portfolio in 2005, the company has concentrated on expanding its diverse real estate services, including the development, acquisition and redevelopment of properties into other geographic markets throughout the Western United States. In the last two years, Basin Street has expanded its reach to Reno, Nev., where it has purchased several prominent office and retail buildings and is working with the community to support the region’s major revitalization efforts.
Basin Street Properties, headquartered in Petaluma, Calif., is one of Northern California's and Northern Nevada's prominent developers and managers of commercial properties. Basin Street has become widely recognized for its office, retail and mixed use developments. Founded more than 30 years ago, the company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information on Basin Street Properties, please call 707.795.4477 or visit www.basin-street.com.
