Sacramento, CA, January 31, 2020 –
Kingsbarn Real Estate Capital (the “Company” or “Kingsbarn”) announced the closing of Lava Ridge Business Center, an approximately 139,000 sq. ft., Class-A, two-building office property located in Roseville, California, Sacramento’s premier office submarket.
“Lava Ridge Business Center meets all of our acquisition criteria in that it is proximate to major transportation corridors and also near neighborhoods with high-income demographics,” stated Kingsbarn CEO, Jeff Pori. “Additionally, we believe Lava Ridge is well positioned in the market to enjoy strong rental growth over our anticipated holding period,” added Pori. The property, which was constructed in 1999, recently underwent a $1MM+ capital improvement program which upgraded the lobbies and corridors throughout the two buildings.
Kingsbarn intends to allow 1031-exchange investors to invest in the property through its Delaware Statutory Trust (DST) investment program, which is only available to California residents. This structure is ideal for investors who want the benefits of owning real property, but don’t want the burden of day-to-day property management.
Major tenants at the property include Polycomp Retirement Solutions, Asurea Insurance, American Pacific Mortgage, Clear Captions, Renew Financial and Wells Fargo Mortgage. This institutional-quality asset is currently 88% leased.
This acquisition marks the eighth property acquisition for Kingsbarn in California totaling over $110 million of office and medical properties over the past three years.
About Kingsbarn Realty Capital
Kingsbarn Real Estate Capital is a subsidiary of Kingbarn Realty Capital, a real estate private equity firm focused on acquiring high-quality property assets located throughout the United States. Kingsbarn structures its real estate investment opportunities for both fractional 1031 investors as well as customized portfolio solutions for large scale investors seeking single allocations. Kingsbarn’s management team has extensive experience developing, managing, and sponsoring a diverse array of stabilized, income-driven properties. The Kingsbarn management team has over 100 years of combined real estate experience and has acquired over $6 billion of commercial real estate throughout the United States.