After scooping up several properties in more suburban parts of the region, GPR Ventures has bought a building in the hot R Street area of Sacramento.
On Dec. 2, Campbell-based GPR bought an office building 1812 Ninth St. for $3.8 million, according to property records.
"What we intend to do is clean up the exterior and make it a little more special," said Phil Rolla, a co-managing principal with GPR Ventures. "We're looking at an interior open floor plan."
The single-story, 27,122-square-foot building is currently leased by the California Department of Fish and Wildlife. But Rolla said the agency will be moving out soon as part of a consolidation into its offices elsewhere.
Built in 1975, 1812 Ninth St. is on the southwest corner of R and Ninth streets, catty-corner from the Market 5-ONE-5 specialty grocery store.
CBRE Sacramento brokers who handled the sale said in an email they're working with GPR to find a new tenant.
"They are actively soliciting interest for office, retail and creative uses and plan to make some structural and aesthetic upgrades to the building," said Matt Post, an investment properties broker with CBRE Capital Markets.
Depending on the next tenant, the sale could be part of an extension of the R Street Corridor as a redevelopment area. Across R Street from the building, the Capitol Area Development Authority is working with the state of California on a plan to tear down an existing building for a new parking garage with ground-floor retail in its place. The garage stalls would serve new state office buildings under construction to the north.
Hauss & Steel, Inc., with an Oakland address, was the seller in the deal. A message left with Hauss & Steel Friday was not returned. Records with real estate data service Reonomy indicate Hauss & Steel bought the building almost 30 years ago for $2.23 million.
While the building was listed, Post said, a number of potential buyers, who would have occupied the building, expressed interest.
"The existing tenant improvements were 20-plus years old, so the building's interior didn't show as well as a brand new spec design," Post said. "Once GPR completes the improvement work to the interior and exterior, it will be R Street's next top option."
In addition to Post, Tony Whittaker, Stuart Wright and Rick Henry of CBRE worked on the deal.Download PDF