University Research Park, a 17-building office complex in Davis, was sold to Fulcrum Management Group for more than $70 million, according to the brokerage services firm CBRE Group Inc.
The purchaser, Fulcrum Properties, is owned by Sacramento developer Mark Friedman, who has an ownership stake in the Sacramento Kings as well as notable real estate projects around the Sacramento region.
The seller was Interland LLC, a Davis-based real estate firm that owns office buildings in San Francisco and Silicon Valley. CBRE represented Interland.
The Davis portfolio of properties sold for approximately $223 per square foot, one of the highest per-square-foot prices for any multitenant suburban office property in the region, according to CBRE. The firm said it is in line with prices paid in recent years for research parks in the South Bay.
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The property, totaling 304,912 square feet, was 92 percent leased at the time of the sale, according to a CBRE news release.
“The strong interest and high price that we achieved upon sale is a testament to the unique quality of the real estate and Interland’s thoughtful stewardship of the site over the last few decades,” CBRE’s Stuart Wright said in a written statement.
University Research Park is less than a mile from UC Davis, south of Interstate 80. It benefits from its proximity to the campus, with access to students and faculty as well as a direct link to the university’s fiber optic computer network. The property also offers convenient access to the freeway, nearby apartments and downtown Davis’ retail market.
Interland bought the research park in the early 1980s, and president Don Lewis developed it over the years. Lewis and Tom Shipley, also a key member of Interland, were credited with developing and maintaining close ties with UC Davis.
Friedman purchased University Research Park with Dennis Wong, owner of SPI Holdings LLC, and Verbena Road Holdings Ltd. Jim Gray and Nahz Anvary with Cushman & Wakefield represented Fulcrum in the transaction.
CBRE’s Wright, Matt Post, Russell Ingrum, Joe Moriarty, Tyler Meyerdirk and Sean Sullivan represented the seller.