SACRAMENTO, Calif., Sept. 23, 2020 /PRNewswire/ — Graceada Partners is pleased to announce the acquisition of 2101 Arena Boulevard in Sacramento. This two-story office building is 100 percent occupied by the State of California Department of Business Oversight as their headquarters. The property was purchased for $155 per square foot while comparable fully leased properties are selling in excess of $180 per square foot and replacement cost is over $300 per square foot.
“Our disciplined strategy has yielded another excellent acquisition,” said Joe Muratore, CPM, CCIM, Principal with Graceada Partners. “It aligns with Graceada Partners’ overall approach of securing high-quality, recession-resistant properties at a fraction of the replacement cost.”
The property was built in 1999 and was substantially renovated in 2020 to accommodate the Department of Business Oversight moving their headquarters into the building. The property’s previous owner gutted and completely renovated the interior bringing it to current Title 24 standards and contemporary finishes.
It is part of the rapidly growing Sacramento submarket of North Natomas, with a new Centene campus nearby. Centene Corporation, a publicly traded Fortune 100 healthcare enterprise, will create 5,000 new high-wage jobs and build 3,000 new houses in the area.
“With numerous locational advantages and affordable rent compared to downtown Sacramento, The Department of Business Oversight made a wise decision in moving their headquarters,” said Ryan Swehla, CCIM, CPM, Principal with Graceada Partners. “We are excited about this new relationship.”
This acquisition is an investment from Graceada Partners Fund II.
ABOUT GRACEADA PARTNERS
With a half billion in assets under management, Graceada Partners invests in core value-added real estate by repairing, rebranding, and leasing-up space. They are the market leader specializing in commercial real estate investment in California’s fastest growing region, the 7.4 million population Central Valley. Born in 2008 during the heart of the Great Recession, the firm is seasoned experts in times of economic uncertainty.
Graceada’s “secret weapon” is the partnership between the firm’s principals, a partnership built on 35 years of friendship and mutual respect. This allows them to challenge each other and create an environment that fosters competitiveness and innovation while limiting confirmation bias in investment and market analysis.
The firm is currently raising and investing Graceada Partners Fund II with a minimum return target of 15% IRR. Graceada Partners’ historical equity multiple is 2.05.
Learn more at http://www.GraceadaPartners.com.
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SOURCE Graceada Partners
