Hines Trades NorCal Office Portfolio
- Sep 14, 2018
Basin Street Properties has acquired three office assets, totaling 345,775 square feet, from Hines in Sacramento, Calif., for $44.5 million. The seller, Hines, had purchased the buildings from Equity Office Property Trust in 2007 as part of a $755 million, 2.4 million-square-foot transaction, according to Yardi Matrix.
All three assets are positioned near the Capital City Freeway in Sacramento’s Point West submarket, within 1 mile of more than 3 million square feet of Class A and B office space. The portfolio is 78 percent occupied to a mix of tenants.
The first asset, Point West Commercenter, is located at 1610 Arden Way, a block from Kaiser Permanente’s Point West Medical Offices. The two-story building, constructed in 1984, is home to both medical and office tenants, with an 800-square-foot café on the first floor, Yardi Matrix data shows.
The second property is located immediately south of the first, at 1601 Response Road. Known as the Exposition Center, the asset is occupied by a range of tenants including Zenith Insurance, Premier Healthcare Services and Stewart Ward & Josephson.
The third property, the Point West Corporate Center, is situated at 1545 River Park Drive, half a mile west of the first two assets in the portfolio. The five-story building, constructed in 1984, is home to the American Cancer Society, Benefit Resources and UBS.
In August, Hines traded a nearly 410,000-square-foot Class AA office tower in Texas for $83.2 million.
Images courtesy of Yardi Matrix