Hines Sells Sacramento Tower for $166M
A Singapore-listed REIT affiliated with KBS is the new owner of the downtown office asset.
February 26, 2020 | Greg Isaacson | Commercial Property Executive
Singaporean capital has landed in the U.S. real estate market again, with a U.S. REIT listed in the Asian city-state snapping up a Class A office tower in downtown Sacramento, Calif., for $165.5 million. Prime US REIT acquired the 24-story, 489,171-square-foot Park Tower in concert with commercial real estate investor KBS, which serves as the U.S.-based asset manager of the REIT’s portfolio.
Built in 1992 and renovated last year, the LEED Gold-certified tower at 980 9th St. is located within walking distance of California’s state capitol and other downtown landmarks. Hines Interests acquired the asset from CIM Group for $120.5 million in August 2017 and has served as the leasing manager of the building, according to Yardi Matrix.
CIM in turn acquired Park Tower from Nuveen Real Estate in a portfolio sale in 2009, after the asset was previously owned by Shorenstein and Grosvenor. Grant Lammersen, Steve Golubchik and Tyler Myerdirk of Newmark Knight Frank brokered the latest deal. KBS identified and sourced the asset on behalf of the $1.3 billion Prime US REIT portfolio, which included 11 prime office properties totaling 3.4 million square feet nationwide as of year-end 2019.
