GPR Ventures has grown its footprint in North Sacramento by more than 84,000 square feet, through a recent three property purchase.
The Campbell-based real estate investment company announced it had bought 4700, 4720 and 4740 Northgate Blvd. late last month. The sales price was $11.3 million.
“This is right next to properties we already own, so it made logical sense,” said Kristie Kuechler, GPR’s vice president of asset management. The properties also appear to be known as Pacific Business Plaza, built in 1986.
GPR Ventures was already managing those properties, so it was already familiar with their condition and tenant base, Kuechler said.
Consisting of both industrial and office space, the three properties are 98% leased to 28 tenants. Kuechler said there’s also activity on the remaining space, and strong demand for industrial properties in that area overall.
Before the recent purchase, GPR Ventures owned six neighboring buildings on Northgate, and two nearby on Main Avenue. Adding these three gives the company flexibility and greater control in an area with relatively little new construction, Kuechler said. Combined, GPR now owns nearly 258,000 square feet in the area.
Because leasing is already strong, the new owner has little to do to 4700, 4720 and 4740 Northgate other than some cosmetic improvements. Those will include exterior lighting and asphalt, Kuechler said.
As some tenants move on, GPR Ventures will also turn space that was converted into office back into industrial, she said. GPR will continue to use the brokerage team in place for the property from Cushman & Wakefield: brokers Matt Cologna, Lenny Gold and David Nicholson.
Records show PBP Property Inc., with an address in Monterey Park, as the seller in the deal. Representatives of PBP could not immediately be reached by the Business Journal for comment. It appears that group had ownership since at least 2016.