Ethan Conrad Properties Acquires Gold River Office Building For $8.55M

Ethan Conrad Properties Inc. has acquired a vacant Class A office building located at 11971 Foundation Place in Gold River for approximately $8.55 million. The property is situated in the Gold River market and spans an area of 150,000 square feet. This acquisition signifies Ethan Conrad's confidence in the future of office spaces in inland Northern California, as opposed to the Bay Area and Los Angeles, due to the surplus office development and changing hybrid work patterns in those areas.

Summary of Transaction Details

• Property Type: Office
• Transaction Amount: $8,550,000
• Address: 11971 Foundation Place
• Market: Gold River
• Buyer: Ethan Conrad Properties Inc. (represented by Ethan Conrad)
• Seller: Peakstone Realty Trust
• Brokers: Palmer Capital Inc
• Square Footage: 150,000
• Price per Square Foot: $57

Ethan Conrad, the buyer of the property, has demonstrated a strong belief in the potential of office spaces in inland Northern California. With the acquisition of this vacant Class A office building in Gold River, Conrad aims to tap into the opportunities presented by the region's office market. This move highlights his preference for inland Northern California over the Bay Area and Los Angeles, acknowledging the surplus office development in those areas and the evolving work patterns towards a hybrid model.