SAN FRANCISCO, CA, Jan. 10, 2012 - PCCP, LLC announced today it has provided a $14 million senior loan for the acquisition of Stone Point (top left photo), a three-story Class A office property totaling 96,000 square feet on behalf of the buyer, Basin Street Properties.
Basin Street Properties is a real estate investment, development, management and leasing organization with offices in Reno, Petaluma and Sacramento.
Built in 2005, the property is located at 1420 Rocky Ridge in Roseville, Calif. and was sold for $16.9 million as an REO by the lender, Belgium-based Dexia Bank.
The $177 per square foot purchase price is just 59 percent of the prior owner’s basis of $295 per square foot, and 66 percent of its estimated replacement cost of $265 per square foot.
The property is 95 percent occupied by tenants including Unify, Lennar Homes, Matrix Absence Management, Ameriprise and Exchange Bank, among others, and is located within Roseville’s central business district.
“Stone Point is an institutional quality asset and is one of the top three buildings in the 7.5 million square foot Roseville submarket,” said Jim Galovan, vice president with PCCP, LLC. “This is PCCP’s second participating loan transaction with Basin Street who is a hands-on operator with ownership experience in the local market.”
Stone Point is well-located on a bluff and is situated less than a mile from Westfield’s Galleria Mall, the Fountains (a lifestyle center), and Creekside Town Center (a power center). The property is convenient to executive housing and also offers easy access to Highways 80 and 85.
Learn more about PCCP at http://www.pccpllc.com/.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224
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