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3005 Gold Canal Drive
3005 Gold Canal Drive, Rancho Cordova, CA
| Status: |
Completed Portfolio Investment |
| Property Type: |
Office |
| Project Type: |
Acquisition and Repositioning |
| Size: |
12,800 square feet |
| Capital Structure: |
Private Equity – Internally funded |
The Golden State Water Company facility is a 12,800 square foot office/flex building located in Rancho Cordova, CA. The building was owned by a nonprofit organization, which used the property as a regional office for many years. After relocating to a new facility, the organization decided to liquidate the asset.
In June 2011, a broker with whom Ridge had a long-standing relationship notified the Company that Golden State Water Company (“GSWC”), an A+-rated subsidiary of a publicly traded utility company, would be interested in leasing the building if it were significantly improved (with the cost of those planned improvements approximately equal to the purchase price of the building). The current owner did not have the capacity to make the required improvements. While in escrow to acquire the property, the Company negotiated a 10 year lease with GSWC including the scope of the required site and tenant improvements. |
