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October 30, 2018

Local Investment Firm Buzz Oates Sells Office/Medical Center Near Sacramento

CoStar

Mike Rustvang

Hernon Group Pays $6.1 Million for 50% Leased Longport Professional Center in Elk Grove

Buzz Oates, a local investment firm, sold four office/medical buildings, along with a condo, totaling 45,368 square feet in Elk Grove, California, to Hernon Group. Longport Professional Center sold for $6.13 million, or about $135 per square foot.

The single-story structures at 2228-2236 Longport Court were built in 2007. The Class B buildings, which are approximately 50 percent leased, span nearly 11 acres less than 17 miles from California State University, Sacramento.

The Buzz Oates management teams oversee 23 million square feet of space that is valued at more than $1.5 billion, according to its website. The firm’s office portfolio comprises over 2.75 million square feet of space.

Scott Bennett, Thomas Walcott and Kris Reilly at Colliers International represented the seller in the sale. Tyler Boyd with Kidder Mathews represented the buyer, and will handle leasing at the property.

Please refer to CoStar COMP #4553063 for additional information regarding this transaction.

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