Property records show Hines has sold off the last piece of an office portfolio acquired in 2016 to a firm based in Silicon Valley.
Records show GPR Ventures, under the name Sun Center GPRV Partners 21, bought 10961 Sun Center Drive in Rancho Cordova last week for $11.07 million.
Jorge Chavez, an analyst with GPR, said the purchase gives his firm nearly 2 million square feet of office and industrial properties in the Sacramento market.
“We’re continuing to increase our presence there: he said. “It’s becoming a destination city. In the Bay Area, we’re seeing companies head up there. We like the submarkets, and there’s still a lot of growth there.”
The two two-story buildings at 10961 Sun Center Drive, built in 1984, total about 90,000 square feet. Current tenants include Chamberlain University’s College of Nursing and a branch of the California Department of Corrections.
Chavez said the occupancy at the two buildings makes them a stabilized asset, so GPR doesn’t have much to do as the new owner.
“First and foremost, the buildings are great and were kept up beautifully by Hines: he said. “We’ll just try to do as good a job holding them as Hines did.”
GPR Ventures, which owns office properties from Rocklin and Roseville to Sacramento’s South Natomas area to several in Rancho Cordova, is still interested in adding to its local holdings, Chavez said.
Hines, along with JMA Ventures LLC and Oaktree Capital Management LP, acquired 10961 Sun Center Drive in 2016 for $10.5 million alongside a separate purchase of two state-leased buildings in midtown Sacramento, at 1515 S St. Hines and its partners sold the midtown buildings earlier this year for $115 million to Cleveland-based Boyd Watterson Asset Management LLC, with a two-thirds increase in value from the 2016 sale.
Adam Lasoff and Kevin Partington of Cushman & Wakefield represented the seller in the sale. A representative from the firm confirmed the deal, but declined to comment further, citing a non-disclosure agreement. Hines did not respond to a message left through the company’s website.