GPR Ventures, a privately held real estate investment firm based in Sacramento and the Silicon Valley, has announced the purchase of a 26,500 square foot office building on 9th and R Street in Midtown Sacramento. The firm closed escrow on the property in late November and will begin full interior and exterior renovations on the building in January upon lease end of the space’s current tenant, the California State Department of Fish and Game.
“The R Street Corridor has seen tremendous growth and revival in recent months, and we are excited to add more redevelopment of this historic part of the city with the acquisition,” said GPR Ventures co-founder and Managing Principal Phil Rolla. “We expect to leverage our resources and core Sacramento personnel to execute extensive renovations and updates on the building in order to add needed Class A office space to the area.”
“We were drawn to the area because of the combination of a great redevelopment opportunity and the diverse portfolio of tenants, businesses and projects that make up this particular stretch of Midtown,” said Glen Yonekura, Co-Founder and Managing Principal at GPR Ventures. “The remodel should be completed by the end of March 2020, and we hope to see similar success as other recently repositioned office projects in the area.”
Planned exterior upgrades include a new roof, larger windows with awnings and refreshed paint. The interior will be completely converted to include design elements such as wooden ceiling beams and exposed brick and ductwork as well as polished concrete floors. The new lobby will receive enhancements such as modern furniture, artwork and other décor, and a new HVAC system will be installed throughout the building.
The property, located at 1812 9th Street, marks GPR Ventures' 22nd purchase in Northern California.Download PDF