Hines REIT builds portfolio in California

Hines Real Estate Investment Trust Inc. recently announced it has acquired the 253,377-square-foot California Casualty Plaza in San Mateo, Calif.

The value of the transaction was not disclosed.

California Casualty Plaza is comprised of a four-story office building completed in 1971 and substantially renovated in 1996, and a two-story office building completed in 1983. The properties are located at 1900 Alameda de las Pulgas and 2000 Alameda de Las Pulgas, respectively.

At the time of sale, the complex was 84 percent leased with 66 percent of the property occupied by California Casualty Management Co., a privately held provider of home and automobile insurance.

The State Teachers Retirement System of Ohio sold the property.

Hines REIT is a Houston, Texas-based public real estate investment trust sponsored by Hines, an international real estate company.

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