A Bay Area real estate investment firm continues to expand its Sacramento region footprint, buying a property for the first time in Lincoln.
GPR Ventures closed escrow Aug. 20 on 1501 Aviation Blvd., a 79,200-square-foot property already fully occupied with two tenants. Records show the sales price was $6.49 million.
Representatives of Campbell-based GPR hinted Wednesday they’re not done yet locally, after buying eight to 10 commercial properties in the region in the last few years.
“We’ve been looking in a number of western U.S. states, Utah, Texas,” said Phil Rolla, GPR’s co-founder and managing principal. “But we always come back to Sacramento because the secret is out of the bag, and we think there’s going to continue to be big tenant demand.”
Most of GPR’s local acquisitions have had either a need to add value, boost occupancy or both. That makes 1501 Aviation Blvd. different, as it’s leased by Gulfstream Aerospace Corp. and Sacramento Valley RV.
The building still fit the company’s parameters because it’s in the hot industrial sector and because it was available for less than replacement cost, said Glen Yonekura, GPR’s other co-founder and managing principal.
“Overall, GPR has always had a strict objective that Sacramento be core to our strategy,” he said. “We expect rents to continue to run, so this makes sense.”
Rolla said the firm will make improvements on the building’s roof and paint.
Property records show Weygandt & Associates was the previous owner of 1501 Aviation, which was built in 1994. Phone numbers for Weygandt & Associates, which appears to have ended operations, were either disconnected or rang with no answer this week.
Both Rolla and Yonekura said their local broker contacts and keeping their eyes open is helping them continue to expand their Sacramento region portfolio.
“We’re just fortunate right now that we continue to acquire assets during the pandemic,” Yonekura said.