Campbell-based GPR Ventures is making good on an announced pivot to more industrial property purchases, closing escrow on a warehouse property in North Sacramento this week.
That strategy is just getting underway, company officials added, with GPR on track to make a much bigger local buy by year's end.
"We just like multi-tenant industrial because it fits really well with the property we own in that submarket," said Managing Principal Phil Rolla of 110-120 Main Ave., a two-building property with 33,719 square feet. According to Managing Principal Glen Yonekura of GPR Ventures, the firm paid about $75 a square foot for the property, for a sales price of about $2.5 million.
Rolla and Yonekura said the new acquisition was atypical for their company in two ways: a short escrow of only three weeks, and a property with decent conditions and leasing. That leaves GPR Ventures without much to do other than slight improvements and filling the 27% existing vacancy.
Hull Survivors Trust, with an address in Campbell, appears to be the seller for 110-120 Main. No contact information for the seller was available. Todd Sanfilippo of CBRE Sacramento had brought the property to GPR's attention, Rolla said.
GPR Ventures owns similar properties nearby, Rolla said, giving the company flexibility in helping current tenants meet their space needs.
Though this deal was relatively small, he said, the next local one GPR is planning won't be. Though he didn't reveal specifics, the company is in contract to acquire an 11-building property with about 200,000 square feet in the region by the end of 2020.
When that deal closes, they said, they'll fully rebrand the property under the GPR Ventures banner.
"We'll continue to have Sacramento be a major thrust and hub for us," Yonekura said.Download PDF