Matt White sees some strong similarities these days between Sacramento and Reno and he likes what he's seeing in Sacramento so much that his Reno-based company just paid $17 million for a bank-owned office building in suburban Roseville.
Basin Street Properties purchased the 95,612-square-foot, three-story Stone Point Plaza from Dexia Group, a Belgian financial institution.
The building constructed in 2005 is 95 percent occupied.
White, the president of Basin Street Properties, said the acquisition is a strongly contrarian play.
"We really like Sacramento right now because everyone in our industry doesn't like Sacramento right now," he said.
He said the Sacramento market like the Reno market typically begins to warm whenever the technology industry heats in the San Francisco Bay Area. And Sacramento, with a metropolitan population nearing 2 million, is a significant market in its own right.
"Sacramento is not going anywhere," White says.
The company's holdings in the Sacramento area include 89,500-square-foot Capitol Oaks building in South Natomas and California Center Business Park, a 168,000-square-foot, three-building corporate campus.
In Reno, it owns the Jones Vargas building at 300 E. Second St., the Bank of America building at 50 W. Liberty, the Wells Fargo Building at 200 S. Virginia St. and retail and flex properties.
