Chavez Management Picks Up Sacramento Office Assets for $45M
The buyer financed the acquisition with a $32 million note.
Chavez Management Group Inc. has acquired two office assets within Natomas Corporate Center in Sacramento, Calif., for $44.5 million. Bannon Investments Ltd. sold the 319,325-square-foot building at 2020 W. El Camino Ave. and the 86,872-square-foot property at 2555 Natomas Park Drive.
Chavez Management purchased the assets using a $32 million note issued by the seller, according to public records. Avison Young Principal Matt Havelock and Vice President Max Kelly worked on behalf of the seller, while MJA Equity Investments President Michael Anthony represented the buyer.
Two LEED-certified office buildings
The 12-story building at 2020 W. El Camino Ave. came online in 2009 and was the first privately funded LEED Gold-certified development in the area. The property features floorplates averaging 28,500 square feet, 1,200 parking spaces and five passenger elevators, along with conference rooms and 1,000 square feet of retail space.
The building was fully leased at the time of sale to six tenants, including Department of Housing & Community Development, Lewis Brisbois Bisgaard & Smith LLP and the Department of Health Care Access and Information.
Completed in 2020, the office building at 2555 Natomas Park Drive rises three stories and has floorplates averaging 29,000 square feet and 350 parking spaces. The LEED Silver-certified facility is adjacent to 2020 W. El Camino Ave.
The North Sacramento assets are close to several retail options, including the Discovery Plaza shopping center. Downtown Sacramento is within 5 miles, while Sacramento International Airport is some 9 miles away.
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