A little over nine years after GPR Ventures bought 26 acres of bare land in south Placer County, the Bay Area-based real estate investor/developer has exited the property.
According to Campbell-based GPR, the firm last week sold the last four lots, totaling 106,300 square feet, to Epic Global Consulting for $550,000.
"It was kind of a different investment for GPR Ventures," said Kristie Kuechler, the firm's senior vice president of asset management. Typically GPR buys existing commercial developments and makes improvements. With the land on Prosperity Drive, the company bought it as undeveloped land and then sold it piecemeal to other buyers in the same state.
"We bought at a really good price," she said. "Our investors were very happy."
Kuechler said she believed Epic Global has plans to build on the site. No contact information for Epic Global could be found. Though the property at 3830, 3840, 3850 and 3860 Prosperity has a Rocklin address, the project is not in an incorporated area.
According to property records, GPR Ventures originally bought the entire property, with 26 lots zoned industrial on 26 acres, in December 2011 for $1.66 million. Since then, the company has sold those lots in chunks of various sizes to a series of independent users, appearing to make its money back within a few years, records show.
Todd Sanfilippo, a senior vice president at CBRE Sacramento who brokered the original sale to GPR Ventures, also assisted with the most recent lot sale, Kuechler said.
She added that GPR is "still actively buying and always looking for new properties" in both the Sacramento region and other western U.S. markets such as Reno and Salt Lake City.Download PDF