“Rocklin and Roseville have benefitted more than any other Sacramento submarket this year”, says Wirt
SACRAMENTO—TRI Commercial/CORFAC International president Tom Martindale, SIOR, recently revealed that John Gallagher, CCIM, CPM and managing director with the firm, led the TRI team that won the 531,273-square-foot commercial property management assignment in the Sacramento suburban community of Rancho Cordova that includes 10 separate properties under one ownership group.
The property owner is Karlin Cap Center LLC and the building addresses for the offices are: 11000, 11010, 11020, 11030, 11040, 11050, 11060, 11070, 11080, 11090 on White Rock Rd., Rancho Cordova, CA.
The buildings were constructed in 1984 and 1985 and the campuses are known as Cap Center II and III. Located in the Highway 50 Corridor of the state capital area, it is the largest submarket in the metro area and comprised of approximately 14 million square feet of office inventory. The submarket is predominantly occupied by large-space office users which include back office operations for several national and regional companies.
“We’re naturally proud to have won the management assignment in a competitive environment and look forward to supporting the occupants of the building as well as the owners to achieve maximum efficiency of building operations and on-going tenant satisfaction with the space they respectively occupy,” Gallagher says.
In fact, Bruce Wirt, SIOR and SVP in TRI Commercial/CORFAC International’s Roseville office, exclusively tells GlobeSt.com that Rocklin and Roseville have benefitted more than any other Sacramento submarket this year.
“We’ve had quite a bit of positive absorption in Rocklin and Roseville the first half of this year for several reasons,” Wirt says. “With the recovering economy and rental rates finally increasing, we had some classic ‘flight-to-quality’ leasing activity. Plus, many of the decision makers live in these communities and they prefer shorter work commutes,” he says.
While the Rancho Cordova/Highway 50 market hasn’t been the busiest submarket in the Sacramento Metro market this year, the Rancho submarket does offer 25,000-to-50,000-square-foot floor plates to users at competitive prices, compared with the tonier neighborhoods in Roseville and Rocklin, says Gallagher.
A few of the bigger deals in Rocklin this year, according to Wirt, are: PG&E expanding into 38,000 square feet (consolidated from several locations); Liberty Mutual taking roughtly 50,000 square feet, relocating from the Point West submarket; and Rocklin Academy leasing about 40,000 square feet (a brand new charter school); they went into a building that had been vacant since 2007.
Some of the recent Roseville deals this year he mentioned include: Rabobank expanding into 83,000 square feet, from about 40,000 square feet; Solar City leasing 55,000 square feet; and SureWest in the process of selling its 200,000-square-foot campus to Bridgeway Church.