Crown Corporate Center
Address: 2860 Gateway Oaks Drive
Sacramento, California
Purchased: June 2005
Price: $24,000,000 ($204.88/sqf)
Size: 117,139 square feet
One of five buildings comprising the Crown Corporate Center, the building was 50% leased at the time of acquisition. Edgewood subsequently brought occupancy to over 95% within one year.
Located at the intersection of the 5 and 80 Freeways, five minutes from Sacramento CBD and ten minutes from the airport.
Purchase Capitalization Rate – 8.1%.
Parking ratio of 3.75 : 1,000 square feet.
Status – The project was sold in July of 2006 for $29,000,000, generating a return on equity of approximately 76%.
