GPR Ventures, a privately held real estate investment firm based in Sacramento and the Silicon Valley, has announced the purchase of a 59,712 square foot office building in South Natomas, marking the firm's 20th purchase in Northern California since 2011. GPR Ventures closed escrow on the property in mid-October and will begin renovations on the building, including upgrades to the lobby, cafe and other common areas, in the coming weeks.
"The Sacramento market has an incredibly bright future, and we are excited to contribute to its growth and diverse economy," said GPR Ventures co-founder and Managing Principal Phillip Rolla. "South Natomas is a prime example of how quickly the region is expanding, which is why we established our Sacramento office near this location. This latest acquisition provides a great opportunity to expand in the local sub-market and take a very hands-on approach to property management, as we do with all of our properties."
Located just five minutes from downtown Sacramento, the building located at 2890 Gateway Oaks Drive is currently at 85 percent occupancy with one 8.863 square foot office space available for lease. GPR Ventures will begin renovations on the building in November 2019 starting with a complete refresh of the lobby, on-site cafe and bathrooms. The planned enhancements will provide a refreshed and updated environment for the existing tenants while also positioning the property to remain competitive in today's market.
The spaces, including the corridor and stairs, will receive new carpet and paint, as well as upgraded lighting. GPR Ventures will install new furniture, artwork and other decor in the lobby. New indoor signage and an updated tenant directory will complete the building refresh.Download PDF