New Legacy 555 LLC Acquires 555 Capital Mall
August 20, 2014
Press Release for Immediate Release Contact: Shelley Wetton Phone: 916-379-3817 Fax: 916-378-8817 Email: firstname.lastname@example.org Date: August 15, 2015
Sacramento, California – Trinity Pacific Partners through its newly formed investment entity New Legacy 555 LLC is proud to announce the acquisition of 555 Capitol Mall, a 380,000 square foot Class A Office property in Downtown Sacramento. The two tower -14 story multi-tenant office asset is directly across L Street from the New Entertainment Sports Complex (ESC) and includes a full city block, a stand-alone 791 stall parking structure, ground floor retail with a large open space plaza and gym facilities.
Trinity Pacific Partners is comprised of Buzz Oates LLC, AM Investors and Rubicon Partners. The acquisition was secured on a direct basis by Oates and AM Investors and upon close, the daily management will be handled by Rubicon Partners.
Speaking on behalf of Trinity Pacific Partners and the Oates organization, Managing Partner Larry Allbaugh said, “This Class A acquisition presents a great opportunity for our team to revitalize an iconic Sacramento office asset. The property is complementary to our existing downtown portfolio and an excellent fit for our management team capabilities. The investment is reflective of both our legacy commitment to the Sacramento Region and the re-emergence of the Downtown Core. We view this opportunity as our center piece for future growth within the Sacramento office market.”
The asset was acquired from a group of owners largely comprised of the original families who developed the asset. Ownership capitalization was completed by Preferred Capital Advisors to correspond with the new team’s long term growth strategy. Dan Corfee, President of Preferred Capital Advisors said, “The new ownership group is locally based with exceptional financial strength and a strong presence in the downtown market. We have directly capitalized the acquisition with low leverage and substantial reserves to appropriately reposition the asset for the future. This transaction is an example of our broader investment in the Downtown Core of Sacramento and its exciting new Entertainment Sports Complex. We are confident the project will provide strong returns to our investors.”
Rubicon Partners will be the operating partner for the property and Partner Kipp Blewett added, “The start of construction at the Entertainment Sports Complex has stimulated significant office and retail leasing momentum in the Downtown Core. Trinity Pacific Partners’ long term investment in 555 Capitol Mall signals new vibrancy in the Downtown Core – A Downtown Renaissance is here. We are confident that our long-term improvement plans and responsive management approach will bring value for tenants and our ownership group well into Sacramento’s bright future.”
Trinity Pacific Partners is a private, fully-integrated real estate investment and operating partnership focused on acquiring value-added and core-plus opportunities for its own account within the Greater Sacramento Region. Significant downtown holdings include the 114,000 SF Forum Building at 9th and K St., the 85,000 SF 630 K Street Building and the Citizen Hotel at 10th & J Street. Trinity Pacific Partners is an Oates Affiliated Company.