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 Opportunity

Walgreens - Lodi, CA

CBRE, Inc. is pleased to offer an immaculately maintained ±13,000 square foot single tenant net leased retail building leased on a long term basis to Walgreen Co., an Illinois corporation. This location is the only 24-hour retail pharmacy in Lodi, a town with a population of 68,000 located in California’s Central Valley.Walgreens is the flagship U.S. brand of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), an integrated healthcare, pharmacy and retail leader. Its retail locations are a critical point of access and convenience in thousands of communities. Walgreens Boots Alliance has approximately 12,500 retail pharmacy locations across the U.S., Europe and Latin America employing approximately 311,000 team members. WBA has a presence in eight countries and consumer brands including Walgreens, Boots, Duane Reade, No7 Beauty Company and Benavides.The opportunity is priced at $2,790,000 or $215 per square foot. The Tenant has been in occupancy on a continuous basis since 1993 and has extended its lease twice via amendments to the original Agreement. Walgreens’ lease presently provides for an expiration date of September 30, 2055. The lease may be terminated effective September 30, 2035 and every five years thereafter. In each instance six months’ notice of the Tenant’s intent to terminate shall be provided. The Tenant’s lease and amendments thereto are included in the Subject’s Virtual Deal Room, access to which shall be provided upon request. S&amp;P Global Ratings withdrew all its ratings in September 2025 for Walgreens Boots Alliance (WBA) and Walgreen Co. at the issuer’s request following the completion of the Company’s acquisition by Sycamore Partners as well as the redemption of most of its rated debt. At the time of the withdrawal S&amp;P’s long-term issuer credit rating on WBA and Walgreen Co. was BB-. Their short-term rating for both entities was B.For more on the acquisition and Sycamore Partners visit: <a href="https://dashboard.duxre.com/manager/CBRE,%20Inc.%20is%20pleased%20to%20offer%20an%20immaculately%20maintained%20±13,000%20square%20foot%20single%20tenant%20net%20leased%20retail%20building%20leased%20on%20a%20long%20term%20basis%20to%20Walgreen%20Co.,%20an%20Illinois%20corporation.%20This%20location%20is%20the%20only%2024-hour%20retail%20pharmacy%20in%20Lodi,%20a%20town%20with%20a%20population%20of%2068,000%20located%20in%20California’s%20Central%20Valley.%20%20Walgreens%20is%20the%20flagship%20U.S.%20brand%20of%20Walgreens%20Boots%20Alliance,%20Inc.%20(Nasdaq:%20WBA),%20an%20integrated%20healthcare,%20pharmacy%20and%20retail%20leader.%20Its%20retail%20locations%20are%20a%20critical%20point%20of%20access%20and%20convenience%20in%20thousands%20of%20communities.%20%20%20%20Walgreens%20Boots%20Alliance%20has%20approximately%2012,500%20retail%20pharmacy%20locations%20across%20the%20U.S.,%20Europe%20and%20Latin%20America%20employing%20approximately%20311,000%20team%20members.%20WBA%20has%20a%20presence%20in%20eight%20countries%20and%20consumer%20brands%20including%20Walgreens,%20Boots,%20Duane%20Reade,%20No7%20Beauty%20Company%20and%20Benavides.%20%20The%20opportunity%20is%20priced%20at%20$2,790,000%20or%20$215%20per%20square%20foot.%20The%20Tenant%20has%20been%20in%20occupancy%20on%20a%20continuous%20basis%20since%201993%20and%20has%20extended%20its%20lease%20twice%20via%20amendments%20to%20the%20original%20Agreement.%20Walgreens’%20lease%20presently%20provides%20for%20an%20expiration%20date%20of%20September%2030,%202055.%20The%20lease%20may%20be%20terminated%20effective%20September%2030,%202035%20and%20every%20five%20years%20thereafter.%20In%20each%20instance%20six%20months’%20notice%20of%20the%20Tenant’s%20intent%20to%20terminate%20shall%20be%20provided.%20The%20Tenant’s%20lease%20and%20amendments%20thereto%20are%20included%20in%20the%20Subject’s%20Virtual%20Deal%20Room,%20access%20to%20which%20shall%20be%20provided%20upon%20request.%20%20%20S&amp;P%20Global%20Ratings%20withdrew%20all%20its%20ratings%20in%20September%202025%20for%20Walgreens%20Boots%20Alliance%20(WBA)%20and%20Walgreen%20Co.%20at%20the%20issuer’s%20request%20following%20the%20completion%20of%20the%20Company’s%20acquisition%20by%20Sycamore%20Partners%20as%20well%20as%20the%20redemption%20of%20most%20of%20its%20rated%20debt.%20At%20the%20time%20of%20the%20withdrawal%20S&amp;P’s%20long-term%20issuer%20credit%20rating%20on%20WBA%20and%20Walgreen%20Co.%20was%20BB-.%20Their%20short-term%20rating%20for%20both%20entities%20was%20B.%20%20For%20more%20on%20the%20acquisition%20and%20Sycamore%20Partners%20visit:%20https:/www.sycamorepartners.com/news-article/sycamore-partners-completes-acquisition-of-walgreens-boots-alliance." rel="noopener noreferrer" target="_blank">https://www.sycamorepartners.com/news-article/sycamore-partners-completes-acquisition-of-walgreens-boots-alliance</a>.

815 S Street

As exclusive advisors CBRE is pleased to offer for sale a ±13,919 square foot owner-user office building located on ±22,076 square feet of land on S Street between Eighth and Ninth Streets in Sacramento’s Central Business District.The prominent location affords quick and easy access to both Midtown and all parts of the CBD. It represents an ideal opportunity for an owner-user to acquire a high quality new home for their business in the middle of the retail, residential and governmental developments that make Sacramento’s downtown such a lively, desirable place to be.For several years Downtown and Midtown have been experiencing robust growth in the development of residential and mixed-use projects. The hybrid work model set in motion a population shift as highly-paid technology workers and others emigrated from the Greater Bay Area to take advantage of Sacramento’s more relaxed and affordable lifestyle. The centrally located site is only a few blocks from the State Capitol, Downtown Commons, Golden 1 Center, the newly expanded Sacramento Convention Center and SAFE Credit Union Performing Arts Center. It is within walking distance of every major downtown office building, most State of California office buildings, abundant shopping venues, and a plethora of dining opportunities ranging from fast/casual to white linen tablecloth.The property is being offered at $3,500,000 which equates to $251 per square foot of net rentable area and $159 per square foot of land. Ample on site parking and easily reconfigurable, open interior architecture add to the Subject’s desirability.Expressions of interest should be directed to Randy Getz or Tony Whittaker whose contact information is set forth on page three of the offering memorandum.

3636-3640 American River Drive

CBRE, Inc. in concert with Newmark, is pleased to offer a 94% leased Class A suburban office complex that has long demonstrated its attractiveness to top tier tenants despite ambient market conditions that have proven challenging for the majority of its competitive set. The Subject offers a compelling value proposition which has stood it in good stead for decades:<ul><li>Institutional ownership which has not stinted relative to care and maintenance of the physical plant and its attendant lush, verdant landscaping.</li><li>A truly extraordinary location which offers instant access to U.S. Highway 50 and thus to all area freeways and interstates.</li><li>The Subject sits in a bucolic suburban setting but is only 15 minutes from Sacramento’s Central Business District, the State Capitol, and both State and Federal Courts.</li><li>Proximity to Sacramento’s best executive housing as well as less expensive accommodations for all income demographics.</li><li>Mere minutes from some of the region’s finest restaurants, shopping and service retail.</li><li>The Complex boasts long-term, committed tenants with de minimis likelihood of tenant relocations thus promising secure and durable income streams well into the future.</li></ul>

Spreckels Park Shopping Center

CBRE is proud to offer the opportunity to acquire Spreckels Park Shopping Center, a high-visibility neighborhood shopping center located on East Yosemite Avenue, Manteca’s primary retail corridor, and proximate to U.S. Highway 99.The Center is surrounded by major users such as Target, Food 4 Less, TJ Maxx and Staples and features a complementary roster of strong, high traffic co-tenants including PetSmart and San Joaquin General Hospital.The Center is priced at $13,315,000 which equates to $244 per square foot and a year one capitalization rate of 6.5%. Leases are net as to costs of occupancy. At the asking price the all cash IRR is 9.61%. Rents in place are below market which suggests realistic and plausible appreciation potential in the early years of one’s ownership. Please refer to the Argus analysis provided in the offering memorandum for more detail on the disparity between in-place and market rents.Spreckels Park Shopping Center enjoys a superb retail location at the southeast quadrant of Yosemite Avenue and Spreckels Avenue with a combined average traffic count of 28,981 vehicles per day.

Spreckels Park Shopping Center Manteca, CA 95336

The Gordon D. Schaber Sacramento County Courthouse

CBRE is pleased to offer for sale a ±470,000 square foot, six story courthouse building on a prime ±2.5 acre site in the heart of Sacramento’s Central Business District.The property is zoned OB-SPD (Office Building Central City Special Planning District) and is improved with a six story courthouse facility whose occupants will shortly vacate the same in favor of the newly constructed Tani G. Cantil-Sakauye Sacramento County Courthouse located a few blocks away at 500 G Street. Full occupancy of the new facility is scheduled for the end of April, 2026.The site is proximate to California’s State Capitol Building, Downtown Commons and the Golden One Center which puts it within walking distance of every major downtown Sacramento office building, most State office buildings and an array of shopping and dining venues. The location is convenient to The Railyards, a 244 acre urban infill mixed-use development immediately to the north, all area freeways and abundant public transportation.If the building looks familiar to you there is an excellent reason for that as it featured prominently in Paul Thomas Anderson’s Oscar-winning movie “One Battle After Another” starring Leonardo DiCaprio, Teyana Taylor, Sean Penn and Benicio Del Toro, among other notables.Expressions of interest should be directed to Randy Getz whose contact information can be found on the back cover of the offering memorandum.

10100 Trinity Parkway

CBRE, as exclusive advisor, is pleased to present an outstanding opportunity to acquire the fee simple absolute interest in 10100 Trinity Parkway, Stockton, the California Central Valley’s premier Class A office complex.This magnificent building is 100% leased with a roster of prestigious, high-credit tenants which have demonstrated long-term commitments given the Subject’s triple mint condition, suite of amenities and the convenience and benefits of being appurtenant to over one million square feet of top shelf retail developments.

VSP HQ3 & HQ4

As exclusive advisor CBRE, Inc. is pleased to offer for sale two headquarters office buildings that currently comprise a portion of VSP Vision’s campus in Rancho Cordova, California. A large segment of VSP’s Sacramento employees now works remotely. The Company previously occupied all five buildings on its Rancho Cordova campus. HQ1 and 2 house VSP staff. HQ3 and 4 will be sold at market pricing. HQ5 was sold in December of 2023. The assets are highly desirable by virtue of their condition and location. Both buildings are attractive, clean, and well-maintained by VSP’s in-house property management team.The location, just south of Highway 50 on Zinfandel Drive, is only a 12-minute drive from Downtown Sacramento, but with the advantages of lower rents and abundant free parking. The Highway 50 Corridor is Sacramento’s largest office submarket and has always been a leading choice for companies seeking affordable space in proximity to the suburban communities where their employees reside.The offered properties are an attractive opportunity for several types of purchaser:<ul><li>Prospective owner-users seeking to control their office environment and occupancy costs, with the potential long-term financial benefits of ownership. Value-add investors who wish to minimize risk by starting with well-maintained properties in an excellent location.</li><li>Owner/user investors who appreciate the opportunity to reduce occupancy costs, invest in the future, and offset operating expense by leasing excess space.</li></ul>To assist interested parties in becoming familiar with the assets, we have prepared video presentations of the exterior and interior of each building. Links to the virtual tours will be found in the section describing each building. Expressions of interest should be submitted to Randy Getz, Executive Vice President, whose contact information appears at the beginning of the offering memorandum.

1801-1811 9th Street, Sacramento

As exclusive advisor CBRE is pleased to offer for sale the single-story office property at 1801-1811 9th Street in downtown Sacramento, California.Located in one of the City’s most successful redevelopment zones ever - the R Street Corridor - the asset has been leased by the State of California Highway Patrol (“CHP”) which has been its sole occupant since 1997. It was originally designed for Spilman Printing in 1962 and consisted of offices up front to service the public and largely warehouse space in the rear where the printing machines and book binders were located. The Company printed books, brochures, business cards and the like until 1996 when the business ended. Circa 1997 the entire interior, including the slab, was gutted and the tenant improvements for the CHP were retrofitted. Other than the original exterior structure the Offering dates from that time.The property is offered for sale at $3,995,000 which equates to approximately $270 per square foot of building and $156 per square foot for the parcels of land upon which the improvements sit. It represents a tremendous opportunity for a redevelopment buyer, an owner-user or a value-add investor. The site is on the southeast corner of 9th and R Streets in the heart of the R Street Corridor. Located in an Opportunity Zone, the asset consists of a single-story building containing approximately 14,794 square feet and three parcels totaling 25,600 square feet. The property’s RMX-SP zoning permits a wide range of residential and commercial uses.Presently the CHP occupies the entirety of the Subject. Rent is $26,561.21 per month gross and is flat for the remaining term. The lease provides for a termination provision on 90 days’ notice. The CHP is presently building out a larger facility at 13th &amp; U Streets and Owner expects Tenant to relocate there when said improvements have been completed. To the best of Owner’s knowledge that process is moving slowly and as a result the Tenant recently extended its lease to May 31, 2027.The Subject is located only five blocks from the Capitol and eight blocks from Downtown Commons and the Golden 1 Center, and within walking distance of every major downtown office building, most State office buildings, and many shopping and dining venues. Public transportation access is only three blocks east at Regional Transit’s light rail station on 12th Street.Expressions of interest should be directed to Randy Getz or Tony Whittaker whose contact information can be found on page 2 of the offering memorandum.

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Randy Getz of CBRE analyzes the Q4 2025 Sacramento Office Market figures, providing critical capital markets takeaways for institutional and private investors. (158 characters)

Interpreting Sacramento’s Office Market Trajectory: Q4 2025 Capital Markets Takeaways

The dynamics of the Sacramento Office market are shifting rapidly, and our newly released Q4 2025 figures provide critical visibility for investment strategies moving into 2026. While the headline vacancy rate of 18.7% and negative absorption reflect the ongoing national trend of rightsizing, these numbers do not capture the whole story for capital market opportunities in Northern California. My key takeaways from this latest research reinforce the importance of meticulous underwriting. The flight-to-quality persists among occupiers, creating nuanced stability in Class A trophy assets while concurrently generating unique value-add or conversion plays for well-capitalized private and institutional investors within the Class B sector. What this means for my clients is a call for a strategic approach rather than reaction. In a market categorized by pricing discovery, our extensive buyer network and deep-dive ARGUS underwriting analysis remain your greatest tools. Whether you are looking to dispose of core assets at maximum value or identify distressed opportunities with sophisticated repositioning potential, these Q4 figures serve as the data-driven foundation of our discussion.

Capital Is Coming Back to Commercial Real Estate

There's a number from CBRE's Q4 2025 U.S. Capital Markets report that I keep coming back to: $171.6 billion in U.S. commercial real estate investment volume in a single quarter &mdash; up 29% year-over-year. For the full year, total investment came in at $499 billion, a 22% increase over 2024. Those are not recovery numbers. Those are acceleration numbers. I've been in investment sales long enough to recognize the difference between a market that's technically improving and one where capital has actually re-committed. What we saw across 2025, and what crystallized in Q4, is the latter. The lending environment improved materially. Loan-to-value ratios moved up. Alternative lenders, banks, and life companies are all participating at healthy levels. The CBRE Lending Momentum Index rose meaningfully year-over-year. These are the conditions that allow transactions to close &mdash; not just the conditions where buyers and sellers agree in principle but can't get to the finish line. For my clients in Northern California, this matters in a very direct way. Sacramento has historically lagged gateway markets in investment volume cycles &mdash; we feel the recovery later, but we also tend to hold value more durably. What the national data is telling us is that the capital rotation has already happened at the institutional level. The question now is where private and regional investors are going to follow. I've also been watching the lending side closely. The fact that LTV ratios are rising tells me lenders have more confidence in asset valuations than they did even six months ago. When lenders are willing to lend more against the same asset, that's a pricing signal. It reflects growing consensus that we're past the bottom of the pricing correction cycle. Private buyers led Q4 activity nationally at $92 billion &mdash; the largest cohort by far &mdash; which is exactly the buyer universe I serve every day. These are family offices, private equity platforms, 1031 exchange buyers, and regional investors who are hungry for quality assets in markets they understand. My job is to put the right assets in front of that capital. If you're an owner who's been waiting for the market to turn before having a conversation about timing your sale, that conversation is overdue.

Sacramento Office Is Finding Its Floor

I've been watching the Sacramento office market closely for a long time, and what I'm seeing right now is something I'd characterize as painful-but-progressing. The numbers in CBRE's Q4 2025 Sacramento Office Figures aren't pretty on the surface &mdash; an overall vacancy rate of 18.7%, continued negative absorption &mdash; but if you understand the market context, there's a more nuanced story worth paying attention to. The dominant driver of vacancy here isn't weak private-sector demand. It's the State of California. Over the past two years, the state has been consolidating into newly constructed, state-owned buildings and letting large legacy leases expire. That has added millions of square feet to an already elevated-vacancy market. It's a structural correction, not a market collapse. And critically, that correction is now largely running its course. Here's what I'm focused on: construction activity has nearly stopped. There's barely 200,000 square feet under construction in the entire Sacramento market right now &mdash; well below the historical average of 1.3 million square feet. When you combine a dramatic pullback in new supply with the state's consolidation cycle winding down, the setup for gradual stabilization becomes more plausible. This is exactly the kind of environment where patient, well-positioned sellers can still execute, and where disciplined buyers can acquire quality assets at a meaningful discount to replacement cost. I've also been watching the downtown submarket specifically. A downtown Sacramento office building that sold for $28 million back in 2016 changed hands again in Q4 &mdash; at a lower absolute price, but at the highest price per square foot downtown has seen since 2022. That tells me there's still a pricing floor forming, and that institutional buyers recognize the value when they see it. Sublease inventory has also dropped nearly 50% from its 2023 peak. That matters because sublease space has historically been the most visible indicator of market stress. Its retreat is a genuine sign that occupier-level distress has subsided. For my clients who own Sacramento office assets, the conversation I'm having right now is about patience, positioning, and proper pricing. The market isn't going to snap back overnight, but the conditions for a measured recovery are assembling. I'd rather have this conversation now &mdash; before the crowd arrives &mdash; than after the window has narrowed.

Connecting Capital WithOpportunity