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SACRAMENTO, CA-A limited partnership of individual 1031 exchange buyers has acquired an 85,742-sf commercial office park here from Newport Beach, CA-based CT Realty for $9 million.

The property, Lincoln Village Park, features six two-story buildings configured into a courtyard layout. Located along Highway 50, CT Realty acquired the property in 2001. John Valentine, CT’s SVP of acquisitions, says the company chose to sell the office park after completing the scheduled upgrades and maximizing occupancy, which is now at 94%.

“Our initial investment plan for this site included several strategic improvements designed to elevate the property to a stronger market position within the Sacramento area,” says Valentine. “After completion, the property developed into a garden office complex, and we were able to achieve our set occupancy goals.”

Valentine says CT maintains a healthy interest in the region and still retains two other Sacramento office properties in its portfolio: Regents Office Park, a 133,000-sf office site situated 10 minutes northeast of Lincoln Village Park; and Pointe West Business Park, a 146,900-sf officeindustrial park on Tribute Road. The company is currently seeking additional local properties.

Randy Getz of the local office of CB Richard Ellis represented CT Realty in the sale. John Snyder represented the buyers.

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