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In a multi-faceted transaction, FTK Development (Business Central) and Lewis-Pipgras jointly acquired 101 Parkshore Drive in Folsom, California, a two-story, Class A office building located in Lake Forest Tech Center. The owners invested $1.5 million to reposition the single-tenant building for Business Central in order to create a unique turnkey and flexible multi-tenant building marketed to tenants from 200 up to 3000 square feet.
The 55,614 square foot office building built in 1999 sold for $8.44 million, about $152 per square foot. At the time of sale, the building was 100% leased to Agilent Technologies who had vacated the property. Business Central has signed a sublease agreement with Agilent for 67 months, the remaining term on their lease. In addition, Business Central will lease the entire building for another 53 months to complete a full ten-year term. Bruce Hohenhaus with Colliers International represented Agilent for the sublease transaction. The Seller, collectively Panattoni Investments and James Turpin, was represented by Steve Arthur at Panattoni.
FTK Development is focused on developing specialized suburban multi-tenant buildings in the western U.S. as Business Central Buildings.
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