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Lewis-Pipgras, Inc. has entered into a Purchase and Sale Agreement to acquire a 100% fee interest in a vacant office building of approximately 20,240 SF in the City of Chico, California. The building sits on 3.0 acres of land and has a parking ratio of 7 spaces per 1000 SF of gross building area. The building was formerly a call center for Pacific Bell (AT&T). The business plan for this property is to market the building both for-sale to a user and also for-lease to a single tenant, or possibly two tenants. Additionally, given that the building has a very low coverage ratio and the fact that the existing building is sited on the edge of the site, it is possible that an additional 10,000± SF could be constructed on the site.
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