Boosted by tenants who’ve signed sizable leases in recent years, GPR Ventures came out well ahead after the last sale connected to a four-building Roseville industrial portfolio the firm bought in 2013.
At the end of January, Campbell-based GPR Ventures sold 10560 and 10600 Industrial Ave. for $5.83 million to general contractor Smith & Sons LLC, according to property records.
“We just decided the time was right to sell and take the profits and put them into a bigger deal,” said Kristie Kuechler, GPR’s vice president of asset management. “We were just fortunate on timing and good leasing.”
Smith & Sons, based in Washington, D.C., did not return a message seeking comment. Kuechler said the new owner also has some immediately neighboring properties, so there was logic behind acquiring 10560 and 10600 Industrial Ave.
Records show GPR acquired 10556 and 10604 Industrial Ave. in 2013 for a combined $5.93 million. At the time, total occupancy of the four-building, 90,886-square-foot portfolio was 56%. GPR made capital investments in all four, including new exterior paint and upgraded landscaping.
After building out two shell spaces in the building at 10556 Industrial, GPR Ventures sold it in 2014 for $2.89 million. The building at 10604 Industrial sold in 2015 for $2.35 million. Both were fully leased at the time of those sales.
Kuechler said one firm leases about a quarter of the space in the last two buildings, and Wilson Sporting Goods takes up another 25%. With leasing on both now also at 100%, it made sense to sell. The two buildings are about 45,000 square feet combined.
“We’re still very bullish on the Sacramento market,” Kuechler said. “We’re actively buying and looking at properties.”