The two developments are located within one block of each other in a district known as the Highway 50 Corridor, one of the area's major east-west thoroughfares connecting the southern portions of the metropolitan Sacramento area. Prospect Green is a five-building office campus set on 34 acres adjacent to the Zinfandel Road exit from Highway 50. One Capital Center, located one block to the west, is a six-story office building with 20,500-sf floor plates, which allow for efficient space use and are divisible.

Prospect Green was developed between 1990 and 2001. Building I is four stories and 126,816 sf; building II is two stories and 70,065 sf; building III is three stories and 100,308 sf; building IV is three stories and 102,840 sf, and; building V is three stories and 17,940 sf. The buildings surround a 2.4-acre park. Also included in the transaction is a one-acre parcel that can be developed.

"Prospect Green's campus setting and abundant green space set it apart from other office options in the area," says Rick Newman, president of Lowe Enterprises Real Estate Group. "In addition, its large floor plates, averaging 28,777 sf, are attractive for larger tenants, which make up a good portion of the demand in the Highway 50 submarket."

Lowe Enterprises has been active in the Sacramento market since establishing a local office in 2000. Nico Coulouras of Lowe's Real Estate Group will be responsible for leasing at the properties and Lowe's Real Estate Group also will be the property manager.

Lewis Trust Group also has been an active investor in the Greater Sacramento market. "We saw this sale as a good opportunity to free up capital in order to pursue new growth opportunities in Sacramento as well as other cities," says Eva Hill, president of the trust's asset manager Acorn Asset Management Inc.

Bill Palmer of the Palmer Team Inc. represented both the buyer and the seller in the acquisition.

Instant Insights /

641,710-SF Asset Changes Hands in Highway 50 Corridor

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