Hines subsidiary completes first office purchase

Hines, an international real estate company, announced today that its U.S. Office Value Added Fund has completed its first acquisition in suburban Sacramento, Calif.

A total of 10 buildings clustered in two office campuses in Rancho Cordova, known as Capital Center II and Capital Center III, were acquired from Trizec Properties Inc.

Terms of the sale were not disclosed.

Capital Center II is a six-building, 312,357-square-foot campus consisting of two two-story buildings and four, single-story buildings. Capital Center III is a four-building, 216,384-square-foot campus consisting of four matching two-story buildings situated around a large central courtyard. Both campuses were completed in 1984.

The two campuses were approximately 78 percent leased at the time of sale to tenants including: Bank of America; MCI Telecommunications; McKesson Heath Solutions; St. Paul Travelers and Wachovia Bank.

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