The 13-story constructing is adjoining to the State Capitol.
A partnership between Seagate Properties and Cottonwood Group has acquired 925 L St., a multi-tenant workplace constructing totaling 168,844 sq. ft in downtown Sacramento, Calif. A three way partnership between Soma Capital Companions and Hazelview Investments offered the asset for $55.1 million. JLL represented the vendor and procured the customer.
In response to CommercialEdge information, the property beforehand modified fingers in 2017, when it was acquired for $45.5 million and was topic to a $32.2 million mortgage originated by Wilmington Belief.
An workplace constructing subsequent to the State Capitol
Accomplished in 1972, the workplace constructing rises 13 tales at 925 L St., adjoining to the State Capitol, that includes retail area on the primary ground and floorplates averaging 12,500 sq. ft. Tenant facilities embrace a convention facility, bicycle parking and a 925L-branded bicycle share program out there throughout workplace hours. The constructing was 94 p.c leased to private and non-private tenants on the time of sale.
The property underwent beauty renovation in 2001, CommercialEdge information reveals. Full renovation was accomplished in 2018, together with foyer and exterior signage, having achieved LEED Gold certification.
The workplace constructing has main publicity to tenth and L streets in downtown Sacramento, simply two blocks from Hyatt Regency and Sheraton Grand inns, the Sacramento Conference Heart and the Neighborhood Heart Theater. Tenants have entry to quite a few eating choices on Okay Road, across the Golden 1 Heart.
Senior Managing Director Rob Hielscher, Senior Director Erik Hanson and Director Nick Deaver of JLL Capital Markets negotiated on behalf of the vendor. In August, a JLL workforce assisted Blue Defend of California within the sale of a Class A, 244,983-square-foot workplace constructing in Dorado Hills, Calif., for $49.3 million.
