Amazon-leased Roseville Building sold for $56.3 million
Thursday, January 14th 2021
Amazon’s aggressive expansion in local distribution warehouses appears to have caught the eye of at least one investor from thousands of miles away.
Records show Exan, a Miami-based real estate fund management company, bought a Roseville building in late 2020 for $56.34 million that Amazon (Nasdaq: AMZN) moved into last year.
Exan didn’t return a message left for comment this week. The building appears to be its first in the Sacramento region. The company’s website shows its also owns buildings in San Jose and Visalia.
The Roseville building, at 7601 Foothills Blvd., is about 145,000 square feet. Last summer, Roseville city officials said Amazon had applied with the city for building permits toward occupying about 28,500 square feet of the building, though there don’t appear to be any other tenants.
Panattoni Development Co. Inc. built 7601 Foothills in recent years, as part of a seven-building development of more than 1 million square feet.
In an email, Panattoni partner Tim Schaedler said the building drew significant interest while the company had it listed for sale.
“We had unprecedented interest from institutional and international buyers,” he said. “All the groups recognized the Sacramento region as an important national location for their e-commerce investment strategies and the final purchase price is a clear indicator of that investment interest.”
Over the last year, Amazon has signed leases or confirmed plans to occupy new industrial buildings in Elk Grove and McClellan Business Park, and is also occupying a 1.3 million-square-foot distribution warehouse under construction in Metro Air Park.