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| 2882 Prospect Park Drive within Prospect West Business Park, Rancho Cordova, CA |
San Francisco, CA, Feb. 4, 2014 – PCCP, LLC has provided a
$12.1 million senior loan for the recapitalization of a four-story, 113,237-square-foot Class A office building
located at 2882 Prospect Park Drive within Prospect West Business park
in Rancho Cordova, Calif. The loan was
provided to the property owner, Prospect Park, LLC.
“This is a best-in-class property in its submarket that has
been well occupied historically. Due to the excessive leverage and lack of
capital for new deals, it hasn’t been a meaningful participant in the market
for some time,” said Jim Galovan, managing director with PCCP, LLC.
PCCP believes that with a reset basis and motivated
ownership that has owned multiple properties in Sacramento for many years, the
building will now attract significant interest from mid-size and large
users.
Situated directly off the Highway 50 corridor, approximately
14 miles east of Sacramento, the building offers 4/1,000 parking, strong
highway visibility with signage opportunities, on-site amenities including a
workout facility, showers and locker rooms, and on-site property management.
The Sacramento office market is on the path to recovery from
the financial downturn. Although the
market vacancy is still between 15 percent and 20 percent depending on the
report, Jones Lang LaSalle reports that over the past several months the Sacramento office market has had the fourth
highest actual net absorption of any metro area in the United States.
For a complete
copy of the company’s news release, please contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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