Soma Capital Partners has acquired a Sacramento-based office tower. The price of the transaction was $45.5 million.
San Francisco, CA, November 28, 2017 – Soma Capital Partners (SCP), a privately held real estate investment and advisory firm, today announced the purchase of 925 L Street in Sacramento, CA. The 170,000 square foot, 14 story office building offers an irreplaceable location directly across from the State Capitol with long term leases to Legislative Counsel Bureau and Legislative Analyst Office.
SCP is planning to implement an active leasing and capital improvement program over the next 18 months making upgrades to the exterior and common areas of the building. The purchase of 925 L Street marks the third acquisition for SCP this year in the Bay Area and its second acquisition in Sacramento.
Jordan Caspari, Partner with SCP, commented, “We are excited about the fundamentals of downtown Sacramento. The opening of Golden One Center is a game-changer with significant public/private investment. We believe this transaction presents an excellent and well-timed investment opportunity with more people moving back to downtown, while institutional capital hasn’t yet returned in a meaningful way.”
David Smith, Partner with SCP, commented, “The location across from the State Capitol is irreplaceable. We believe that a local presence and hands-on management will breathe new life into the property and that our planned capital improvement plan will generate more interest from public and private sector tenants.”
For more information on Soma Capital Partners, please visit the firm’s website, www.soma-capital.com.
About Soma Capital Partners
SCP is a privately held real estate owner/operator that acquires commercial properties West of Denver and invests on a special situations basis nationally through structured transactions including note purchases, preferred equity, and recapitalizations. The partners of SCP have acquired approximately 2 million square feet of commercial real estate since 2012.