By: Ben Van Der Meer
Real estate investor Ethan Conrad has acquired a 1990-built office building in Point West for $4.775 million.
“While the building already has creditworthy tenants (like Dignity Health) — we believe we can position the building’s offerings so as to increase the attractiveness of the opportunity for other similar caliber financial, insurance, law, accounting and design-oriented users who will be more confident in the long term direction of the building than they were last week,” Dupavillon said in an email.
The 44,500-square-foot building is currently 55 percent leased. Conrad’s remodeling plans include a full interior and exterior renovation, including lobby areas, skin and lighting, to restore the building to the luster it had when it was built in 1990, according to the company. The renovation project should be complete by the end of October, and Ethan Conrad Properties is marketing space in the building ranging from 750 to 9,500 square feet.
Dupavillon said Conrad acquired the building in a typical arms-length transaction from LBD Investments LLC. That’s notable because Conrad, arguably the most prolific real estate investor in the Sacramento region over the last half decade, made his name scooping up distressed or bank-owned commercial properties, especially office and retail.
More recently, however, Conrad has said he’s finding fewer great bargains in the market as property values have largely recovered from the depths of the recession.