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SACRAMENTO-An affiliate of Bay Area-based Pacific Real Estate Partners LLC has acquired 8801 Folsom Blvd, a two-story 72,000-sf office building here, for $10.1 million, or about $141 per sf. The seller was CT Realty of Newport Beach.

The building sits east of Downtown at the intersection of Watt Avenue and Folsom Boulevard, just south of Highway 50. PREP principal David Zeff tells GlobeSt.com that the building’s namesake, Fidelity National Title, recently completed its exit from the building, leaving it about 55% leased.

Fidelity leased more than 32,000 sf in the building and had been in the building since 1998. Its lease expired in October, but it will remain in some of its space until early next year. PREP’s plan is to upgrade and reposition the building to lease a variety of vacant suites and sizes.

A large 15,000 sf and several smaller 1,000-sf to 3,500-sf suites are move-in ready, says Zeff. The full service asking rate is $21 per sf per year and naming rights are available, he says. Existing tenants include several law, accounting and insurance firms, as well as Century 21 and Ascent Builders

The building is one of two structures comprising a corporate office site previously known as Fidelity Plaza located near Highway 50 and Watt Avenue. CT Realty acquired the entire plaza in 2003, and sold the smaller of the two buildings (8815 Folsom) in December 2004 to California Community Credit Union.Robert Cole, Jason Rutherford and Scott Bennett of Grubb & Ellis arranged the sale. Pacific Real Estate Partners is a privately held real estate investment company. The company is pursuing value added investment opportunities through out Northern California and looking to acquire $100 million of assets over the next three to five years.

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