The buildings are in suburban markets in Sacramento and Placer counties, specifically the cities of Rancho Cordova and Roseville, respectively. The seven buildings are 100-percent leased to Delta Dental of California, Verizon Wireless, State of California (Franchise Tax Board), Agilent Technologies, and Allstate Insurance Co. Verizon and Agilent each lease two of the buildings.
BentleyForbes co-founder and vice-chairman Fred Wehba II tells GlobeSt.com that the portfolio consists of two-story suburban office buildings developed over the last three or four years. All but a couple of the buildings are occupied by a single tenant under a net lease. The ones that are typically have one other small tenant in the building, he says.
The properties were part of an eight-building portfolio Bentley Forbes acquired from the Evergreen Co. in 2002. The eighth asset, the 121,380-sf Kaiser Foundation Health Plan Building in Folsom, CA, was held out of the re-sale of the portfolio because "there was a minor issue that came up," says Wehba. That issue has since been taken care of and property is now in the market; the sale price is expected to be around $40 million.
"BentleyForbes is currently refining its investment strategies to specifically focus on multi-tenant office properties in various markets throughout the United States," says Wehba. "Sacramento has always been a favored market of our firm and we will continue to review new investment opportunities that fit our evolving portfolio strategies, but selling these single tenant properties now is inline with our overall shift in investment target."
CB Richard Ellis SVPs Tom Bohlinger and Steve Hermann had the disposition assignment for the portfolio. The duo also is listing the Kaiser building.
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