Skip to main content Skip to footer

Collaboration Creates Off-Market Opportunity For Buyer in Office Portfolio Sale

news_OfficePortfolioSale_1536x1040
San Francisco, CA, (7/9/2020) - Despite COVID-19 bringing a halt to many sales transactions, there are still value-add investors looking for opportunities throughout the Sacramento region. The Colliers Sacramento team is proud to announce the closing of a $23.05 million sale to Cook Endeavors (Robert Cook) from WHAL Properties. Colliers Sacramento and Institutional Capital Markets teams worked in close collaboration to close this transaction and worked diligently to maximize value for both the buyer and seller.

Brad Idleman, Andrew Gibson, Bob Gilley, Kevin Moul, and Andy Zighelboim of Colliers International’s Institutional Capital Markets represented the seller, WHAL Properties. Thomas Walcott of Colliers Sacramento represented the buyer, Robert Cook, who was in the process of a 1031 exchange and preempted the marketing process by acquiring the property before it went out to the rest of the market.

news_OfficePortfolioSale_600px

“This sale came about as a result of the culture of collaboration. Each member of the team was instrumental in bringing this sale across the finish line,” said Bob Gilley, executive vice president for Colliers West Coast Institutional Markets team. “Colliers is proud to have accelerated success on behalf of both the buyer and seller in this transaction. The new owner has tremendous potential with these assets and will be able to push rents and increase occupancy and income in the coming years.”

Jason Rutherford and Kris Reilly represented WHAL Properties in the leasing of the eight-property portfolio (full list of properties below). The properties were approximately 80 percent leased at the time of sale and in-place rents are generally below market, providing a value-add opportunity for the new owner. Four of the eight buildings are fully leased and there is currently 34,000 square-feet of available space across the portfolio. The office buildings are Class B/C quality and were delivered from 1977 to 1996.

The sale closed on June 10, 2020 and at a total square footage of approximately 170,000 square-feet, the sale price equates to $139 per square-foot. The cap rate comes to about 6 percent. The properties are located in the Highway 50 Corridor; East (Gold River), Campus Commons, and Howe/Fulton/Watt Avenue submarkets.

The eight office properties totaling approximately 170,000 square-feet are below.

  • 11341 Gold Express Dr, Gold River, CA
  • 11249 Gold Country Blvd, Gold River, CA
  • 11211 Gold Country Blvd., Gold River, CA
  • 11335 Gold Express Dr, Gold River, CA
  • 800 Howe Ave, Sacramento, CA
  • 3604 Fair Oaks Blvd, Sacramento, CA
  • 3626 Fair Oaks Blvd, Sacramento, CA
  • 3620 Fair Oaks Blvd, Sacramento, CA

About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.

 

Media Contact:
Mike Jurs
Allison + Partners Northern California
ColliersNorCal@allisonpr.com


 


Related Experts

Brad Idleman

Executive Vice President

San Francisco

Brad maintains and develops client relationships by presenting acquisition opportunities to buyers and bringing forth numerous capital sources to assets located in the Western United States. Brad's direct transactional involvement offers clients an enhanced level of service and provides them with the information needed to implement and succeed in their acquisition and disposition objectives.

Through his exposure and knowledge of the debt and equity markets, Brad assists clients in taking advantage of current market conditions by providing real-time capital solutions for every transaction. With extensive experience in underwriting, financial auditing, investment valuations, contract and transaction negotiations, and execution, Brad confidently advises his clients through every step of the transaction lifecycle.  

View expert

Robert Gilley

Executive Vice President

San Francisco

Bob is Executive Vice President in the San Francisco office of Colliers International with more than 25 years of commercial real estate transaction experience. He is responsible for managing the institutional investment sales platform in the San Francisco Bay Area, Sacramento and the Pacific Northwest. The investment sales group specializes in institutional-grade assets concentrating on office, R&D, industrial and Land properties.

View expert

Andrew Gibson

Senior Vice President

San Francisco

Mr. Gibson is a Senior Vice President on the Structured Finance Advisory Group. He brings a wide array of commercial real estate experience, including advising clients on their capital stack to institutional investment sales. Before joining Colliers, Mr. Gibson was a Partner at Palmer Capital. He focused on investment sales, debt, and equity for institutional, middle market, and private clients transacting in the Western United States.

Before Palmer Capital, Mr. Gibson was a Captain in the United States Air Force. As a contracting officer, Mr. Gibson was responsible for managing multiple existing contract programs and leading source selections for Air Combat Command, Al Udeid Air Base, and Beale AFB, with a total value of more than $300M. Mr. Gibson holds an MBA from the University of North Carolina's Kenan-Flagler School of Business and obtained his bachelor's degree from the United States Air Force Academy.

View expert

Kevin Moul

Executive Vice President

Silicon Valley

Kevin is an Executive Vice President on Colliers Institutional Capital Markets team where he focuses on selling institutional grade investment properties in the North Western Region of the United States. Kevin is licensed in multiple states and has been a consistent top-producer at Colliers.  Kevin attributes his success to his creative outlook to the deal-making process and ability to overcome obstacles that may arise during any given transaction. 

View expert

Andy Zighelboim

Executive Vice President

Silicon Valley

Andy has spent his career advising a diverse array of clients within the institutional capital markets landscape, including pension funds, life insurance companies, private equity funds, investment managers, REITs, operating platforms, high net worth entities, and corporate users. His primary expertise lies within the valuation and disposition of institutional quality assets located within the East Bay, San Francisco Peninsula, and Silicon Valley.  Andy has successfully advised on over $11.5 billion of transactions chiefly within the industrial, flex, office, and land sectors.

 

View expert

Thomas Walcott

Executive Vice President

Sacramento

On your journey to find the perfect space for your business, I am your advisor, advocate, confidante, and ally. Whatever your real estate need may be, wherever your destination, your vision is my mission. Landlords, tenants, building owners, and users rely on me and my partners to create leverage through negotiation to get them the best opportunity to achieve their long and short term goals. I work with each of my user clients to understand the benefits of buying vs. leasing and determine which option is best for their business. I help my clients see everyone’s cards on the table, without showing any other players our hand.  

Whether you’re looking to increase your building value in Roseville, stabilize your occupancy Downtown, reposition your asset for sale in Natomas or source your next acquisition in Campus Commons, my partners and I have the connections and capabilities to ensure success. When working with building owners, I optimize exposure for their buildings, secure high quality tenants, and achieve and maintain high levels of occupancy – maximize value!. I help clients analyze their real estate assets to determine effective acquisition and disposition strategies.

I enjoy giving back to the community through organizations that touch matters close to my friends and family such as The Jenna & Patrick Foundation of Hope, Albie Aware Breast Cancer Foundation, and Leukemia & Lymphoma Society. As a native Sacramentan, I enjoy all that the area has to offer with my wife and two children whether it be relaxing in Lake Tahoe, golfing, or enjoying a summer BBQ.

View expert