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A quick $8 million coup?(SSR Realty Advisors to sell office building in Sacramento, California for $40 million)

Sacramento Business Journal

| September 10, 1999 | McCarthy, Mike | COPYRIGHT 1997 City Business/USA, Inc. (Hide copyright information)Copyright

Building for sale one year after purchase

A company that bought an office building in Sacramento last year for $32 million is about to offer it for sale at a price of $40 million.

A run-up of $8 million in less than two years would mean a tidy profit for SSR Realty Advisors, a N.Y.-based subsidiary of Metropolitan Life Insurance Co.

SSR Realty bought the building at 1801 30th St. from Japanese investors, who had held the building since 1990 and right through a devastating downturn in the office market. The Japanese investors wound up selling it at a loss.

Today, the office market is thriving.

"They will sell it," said Peter …

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