PCCP, LLC PROVIDES $31 MILLION SENIOR LOAN TO BASIN STREET PROPERTIES FOR ACQUISITION OF HARVARD CORPORATE CENTER IN SACRAMENTO, CALIFORNIA
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PCCP, LLC PROVIDES $31 million SENIOR LOAN to basin street properties for acquisition of harvard corporate center in sacramento, california
San Francisco, CA, August 29, 2016 – PCCP, LLC announced today it has provided a $31 million senior loan to Basin Street Properties for the acquisition of Harvard Corporate Center, a Class A, 96 percent-occupied, mid-rise office campus in Sacramento, Calif. USAA was the seller.
Built in the late 1980s as its western regional headquarters, USAA consolidated its operations to Texas in 2010 and has since re-tenanted the property with Nationwide Mutual Insurance, ALTA California, and Summit Funding. The 290,430-square-foot property is located at 2241 and 2251 Harvard Street and is LEED Gold Certified. The property lies on a 23.6-acre site, of which 15 acres is excess developable land.
“PCCP has had a long-standing relationship with Basin Street Properties, an investment and management firm that has a deep, hands-on understanding of Northern California property markets,” said Dorian Farhang, an associate vice president with PCCP. “Harvard Corporate Center is an institutionally maintained, best-in-class asset within the suburban Sacramento office market, providing office tenants an affordable and attractive corporate campus environment. This loan provided PCCP with a compelling opportunity based on the experience of the new ownership, high quality of the asset, and strengthening Sacramento market dynamics.”
The attractive campus features one six-story and one four-story building totaling 274,950 square feet, a 1,039-stall parking structure, an 11,465-square-foot fitness center, and a 15,480-square-foot low-rise office building. Secured bridgeways connect the two main buildings to the parking structure as well as to each other. Amenities include sand volleyball and outdoor basketball courts, a lighted baseball field, walking trails, and outdoor patio areas.
Harvard Corporate Center is located in the Point West submarket of the Sacramento region and is near the convergence of Hwy 50 and Interstate 80, providing ease of access throughout the Sacramento area, as well as proximity to Downtown Sacramento.
Founded in 1974, Basin Street Properties is a Northern California and Northern Nevada--focused real estate investment, management, and leasing company with offices in Sacramento, Reno and Petaluma.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has more than $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed more than $12 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
Jessica Spaulding Thompson / Darcie Giacchetto
Spaulding Thompson & Associates, Inc.
949-233-8575 / 949-278-6224 (cell)