press releases
Prolific real estate investor GPR Ventures makes two new purchases
May 13, 2021

One of the more prolific commercial property investors in the Sacramento area has inked two new deals.

Campbell-based GPR Ventures announced this week it had bought industrial building 6910 Luther Drive as well as a building in northern Nevada under the same buying entity, NP Sac GPRV Partners 29 LLC.

The Luther Drive building, bought for $2.21 million, is a fully occupied, 26,400-square-foot building near a business park in South Sacramento the firm bought last year.

“This is more of a long-term hold,” said Kristie Kuechler, GPR’s vice president of asset management. “As the tenant leases roll, we’ll look to re-lease and improve rents.”

Samantha Phan, with a Sacramento address, is listed as the previous owner for 6910 Luther Drive, acquiring it about a year ago in what appears to be a non-sale transaction. She did not return a message seeking comment Wednesday.

In Nevada, the firm bought 56 Coney Island Drive in Sparks from a different owner, its second such purchase in that area.

Kuechler said GPR Ventures also got a flurry of new leases at two other Sacramento region properties, an industrial building at 110-120 Main Ave. in the industrial area of North Sacramento, and an office property at 11344 Coloma Road in Gold River.

At Main Avenue, the new leases make the building fully occupied, while three new leases at 11344 Coloma take occupancy to 85%.

All three leases there are less than 5,000 square feet, which may be an indicator of what kind of demand office landlords will see in the near future, as the country continues to recover from the pandemic, she said.

“That one is a walk-up with exterior doors, no shared elevators,” she said, in addition to amenities such as a fitness center, tenant lounge and nearby restaurant. “That size has seemed to fit.”

Going forward, she said, an office building that previously had four or five tenants may instead have a dozen smaller ones, with more employees working from home and smaller footprints for the actual office space.

But while there may be less demand for space, there’s still demand, she added.

“Activity is picking up, we’re getting more phone calls, seeing more tours,” she said of GPR’s office portfolio overall. “It seems like things are trending in the right direction.”

Download PDF