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| 110 Gateway, Lincoln, CA |
Lincoln, CA – TRI Commercial Real Estate’s
The Osborne Group,a
leading provider of commercial real estate services in the greater Sacramento
area, has directed the sale of a two-story, multi-tenant office and retail
asset in Lincoln, California.
The buyer, a private investor, purchased 110 Gateway for $4.14 million.
Located within the thriving
74,586 square-foot mixed-use Lincoln Gateway center, the 18,430 square-foot
property is currently 100 percent occupied with a mix of high-quality companies
including Weight Watchers, Keller Williams, Beach Hut Deli and Blush Salon,
among others.
Robb Osborne, Principal at TRI Commercial and The Osborne Group, represented the seller, a private investor, in the transaction.
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| Robb Osborne |
“The City of
Lincoln has experienced unprecedented growth and expansion over the last
several years, which has generated an increased demand for commercial real
estate in the area,” says Osborne, who notes that Lincoln recently posted a 10.8 percent growth in annual population and a 9.4 percentannual growth in workforce.
“Based on the city’s strong demographics
and growing population, the housing market is expanding rapidly, providing the
seller with an opportunity to transform this asset into a fully leased, stable
investment that garnered interest from several buyers,” says Osborne.
During its ownership, the seller retained
The Osborne Group to manage the leasing of this property.
“The seller originally acquired this
property as a value-add investment at only 50 percent occupancy. At that
time, retail tenants were in place, however the office space on the second
floor was unoccupied,” explains Osborne.
“Our team recognized the opportunity to leverage the increasing
residential construction in the region to fill the building. We successfully
signed leases with several local engineering, construction, and development
firms, ultimately bringing the property to 100 percent leased in less than 12
months.”
During its ownership, the seller invested
$150,000 in capital improvements, including both interior and exterior
upgrades.
Located at 110 Gateway in
Lincoln, California, the property is situated at the corner of Lincoln
Boulevard and Gateway Drive, which is a direct entryway to downtown Lincoln
with excellent street frontage and visibility, according to Osborne.
“The prominent location of this asset makes
it a particularly strong investment,” says Osborne. “The rapid growth in
Lincoln will continue to drive demand for quality housing, and subsequently,
for retail offerings and office product in this community.”
Contact:
Lisa James/Jenn Quader
(949) 955-7940
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