Basin Street Properties Acquires Third Office Park in Sacramento Region, Stone Point Plaza in Roseville
Class A Office Building in Prime Location is 95 Percent Occupied
Roseville, CALIF. — Jan. 5, 2012 — Basin Street Properties (www.basin-street.com), a prominent Northern Nevada and Northern California real estate investor of commercial and mixed-use properties, has acquired Stone Point Plaza, a 95,612 square-foot, three-story Class A office building in Roseville, Calif., for $17 million. The bank-owned property, sold by Belgian financial institution Dexia Group, is 95 percent occupied by a host of well-known and diverse tenants. Stone Point Plaza is ideally located at 1420 Rocky Ridge Drive with direct access to Interstate 80 and Highway 95, housing, and a plethora of dining and retail amenities.
“Stone Point Plaza is the single best building in the market, as demonstrated by its location and high occupancy,” said Matt White, president of Basin Street. “Our goal for the building is to offer our current and future tenants their best real estate experience by working with them to provide optimal options and solutions. This has long been at the core of our values.”
Developed in 2005, Stone Point Plaza boasts a best-in-class office environment and is situated on a hilltop. It is comprised of several distinguishing features, including a dramatic two-story lobby with granite and travertine floors and stained wood millwork; various space possibilities that offer a wide-range of tenant options; floor-to-ceiling windows that provide an abundance of natural light and expansive views of the Sacramento Valley and Sierra Nevada Mountains; and improved restrooms with showers, lockers and granite counters.
Many of the building’s 14 tenants are nationally recognized companies in their fields, including Cornish & Carey (real estate), Ameriprise Financial and Stifel Nicolaus (financial services), Matrix (workers’ compensation), Unify (software development), Exchange Bank (banking) and several law firms, including Sacramento’s largest, Downey Brand.
The Palmer Team represented both Basin Street and Dexia Group in the transaction.
Basin Street began investing in the Greater Sacramento office market in 2007 with the acquisitions of the 89,500-square-foot Capitol Oaks building in South Natomas and California Center Business Park, a 168,000-square-foot, three-building corporate campus.
“Since we stepped into the Sacramento real estate market, we have scoured the region looking for strategic, high-quality opportunistic investments,” added White. “With Stone Point Plaza’s success and the fact that Roseville is one of the most desirable markets, we are thrilled with this acquisition and continuing our steadfast pursuit of diversifying our portfolio in the Sacramento region.”
About Basin Street Properties
Basin Street Properties is one of Northern Nevada’s and Northern California’s prominent developers, investors and managers of commercial properties. Basin Street has become widely recognized for its office, retail and mixed use developments. Founded more than 30 years ago, the company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information, visit www.basin-street.com.