Folsom sale brings foreclosed office to market at good time

Class A office space in Folsom is in short supply, and a newly sold building is in a good place to take advantage of it.

Investors based in the Bay Area and El Dorado Hills closed escrow this week on 50 Iron Point Circle, after buying it through the Ten-X online auction site. The purchase price was not available.

The building, 48,567 square feet, is about 62 percent occupied, according to Colliers International Sacramento, which will continue to handle leasing.

Kris Reilly, a senior vice president with Colliers, said with best-in-class office space in short supply in attractive markets like Folsom, 50 Iron Point can prosper.

“For that building right now, it’s poised to have the numbers jumping up in the next six months,” he said.

Continue Reading...