The Opportunity
MCC and JP Morgan Asset Management acquired Parkshore Plaza in April 2007. The project consists of two, two-story and two, three-story Class A office buildings totaling 269,264 square feet situated within an 18-acre campus. At the time of acquisition, three of the four buildings were fully occupied by Verizon Wireless on a 10-year lease that expired in June 2009, while the fourth building was leased to multiple tenants.
Parkshore Plaza is located in the Folsom submarket, 15 miles east of Sacramento along the Highway 50 Corridor. The property is widely considered one of the top office complexes in Folsom.
Performance Highlights
In February 2008, MCC successfully negotiated the early lease renewal of Verizon Wireless for 191,512 sq. ft.
Current Status
- Property was sold in June 2011.
