Hines REIT lands California office space

State gov't. holds lease

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Hines Real Estate Investment Trust Inc. has acquired an approximately 350,000-square-foot office project in Sacramento, Calif. The value of the transaction was not disclosed. JB Management L.P. sold the property, located at 1515 S St. The project, consisting of two five-story buildings, was completed in 1987. Parking for more than 750 cars is provided in an adjacent eight-story garage. At the time of sale, the office portion of the project was 100 percent leased to the State of California and houses two of its agencies. Hines REIT is a Houston-based public real estate investment trust sponsored by international real estate firm Hines. Hines REIT commenced operations in November 2004 and primarily invests in office properties located in the United States. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....