Pac West Office Equities L.P. (PWOE) is proud to announce the acquisition of 2500 Venture Oaks from Capital Venture Fund, LLC for a price of $11,575,000, or $218 per square foot. The transaction served as the upleg in a 1031 exchange on behalf of PWOE. Colliers International and Cushman & Wakefield jointly-represented the seller in the transaction.
Originally completed in 1987, 2500 Venture Oaks is a three-story office asset comprised of 53,019 square feet, currently 100% leased to eleven tenants including Turner Construction Company. The property features a recently renovated center lobby and entrance, interior staircase with floor-to-ceiling glass line, exterior patios in select suites, and an above market parking ratio of 4.5 / 1,000 square feet. On-site common area amenities including a fitness center, deli, and outdoor fountain seating area. In addition to interior renovations and recent tenant improvements, the seller completed over $1 million of capital repairs including a new roof system and mechanical system upgrades.
2500 Venture Oaks is located in the South Natomas submarket of Sacramento, minutes north of Downtown Sacramento. The property is situated directly adjacent to Interstate 5, which provides direct access to the entire Sacramento region, as well as surrounding amenities including over 650,000 square feet of retail, dining, and entertainment options.
Speaking on behalf of Pac West Office Equities, Fund Manager Dan Corfee indicated the following:
Pac West Office Equities L.P. (PWOE)
Pac West Office Equities is a privately held limited partnership comprised of 26 office assets totaling 2.3 million square feet, primarily located throughout the greater Sacramento region. Formed in 2017, PWOE originally consisted of a variety of legacy Buzz Oates office assets and partnerships, which were consolidated to form a cohesive management strategy and structure. PWOE’s objective is to expand the portfolio through accretive acquisitions and entrepreneurial decision making, while maintaining limited leverage, strong reserves, and a highly specialized staff. PWOE is owned predominantly by entities related to the Buzz Oates organization as well as other noteworthy Sacramento real estate families and operating partners.
Buzz Oates is the leading commercial real estate asset services provider in the Greater Central Valley of California, offering a single point of contact for a full range of development, construction and asset management services. Buzz Oates has built over 80 million square feet of warehouse and distribution facilities and office assets, and currently manages a nearly 21 million square foot portfolio with over 500 tenants. Buzz Oates typically completes 2-3 million square feet of leasing transactions, 1-2 million square feet of new developments, and $100 million in purchases and sales on an annual basis.