Sacramento Commercial Real Estate News From CoStar Group

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Apartment Rents Continue to Climb in Sacramento
Sacramento’s rising apartment rents have been receiving national attention for several years now. The average asking rent in the region was $1,000 per month as recently as 2014, but today, that number tops $1,300. The average asking rent in greater Sacramento rose by nearly 10 percent in both 2015 and 2016. Among major markets, Sacramento led the nation in rent increases in 2016. But the pace of rent hikes has been in steady decline for more than...

Recology Expands Services to Davis
Davis Waste Removal’s former warehouse at 2727 2nd St. in Davis, CA Recology Waste Zero, a waste disposal services company headquartered in San Francisco, purchased Davis Waste Removal Co. and all of its assets, including its former 59,775-square-foot warehouse in Davis, CA that sold for $7.2 million, or about $120 per square foot. The single-story building at 2727 2nd St. was built in 1998 on more than seven acres. The Class B property is...

JV Pays $7.7M for Broadstone Business Center
The 48,567-square-foot Broadstone Business Center at the Broadstone office park in Folsom, CACredit: Colliers International A joint venture between California investors EPOCH Realty Capital and Gavden Investments purchased a 48,567-square-foot office building in Folsom, CA from Miami Beach, FL-based Starwood Property Trust. Broadstone Business Center sold for $7.77 million, or about $160 per square foot. Located at 50 Iron Point Circle, the...

First Quarter Performance Shows US Apartment Market Coming Back to Earth
Pictured: Camden North Quarter in Orlando. The 333-unit property sold to Camden Property Trust in February for $80.75 million. Orlando has the highest forecast rent growth in the country, according to CoStar. The high-flying apartment sector, which led all other property types in the economic recovery and became the darling of investors, is coming back to earth. CoStar’s first quarter multifamily review and forecast predicts apartment rents...

Local Investor Picks Up Westgate Shopping Center in Sacramento
The 97 percent leased Westgate shopping center at 353-383 W. Main St. in Woodland, CA Ethan Conrad Properties, a full-service investment firm with more than 5 million square feet of commercial space, purchased a 111,691-square-foot shopping center in Woodland, CA from Menlo Management Co. Westgate sold for $13.3 million, or approximately $119 per square foot. Located at 353-383 W. Main St., the center was built in 1986 on nearly nine acres...

Fadco Enterprises Pays $10.9M for Citrus Heights Walgreens
The 14,820-square-foot Walgreens at the Marketplace at Birdcage shopping center in Citrus Heights, CA Newport Beach, CA-based Fadco Enterprises purchased a 14,820-square-foot Walgreens that’s part of the Marketplace at Birdcage shopping center in Citrus Heights, CA from United American Properties for $10.95 million, or about $739 per square foot. Built in 2007 at 6199 Sunrise Blvd., the single-story building is less than 15 miles from Sacramento...

Sacramento Apartment Construction Finally Comes to Life
Rendering of the 396-unit Campus Oaks Apts. at 500 Roseville Pky. in Roseville, CACredit: Ten South Management Co. New apartment communities have been a rare sight in greater Sacramento for nearly a decade. Since 2010, only about 2,000 market-rate apartment units have completed construction. To put that into perspective, look no further than 2006, the peak year of the previous economic cycle. That year alone, 2,300 new apartment units were delivered...