International real estate firm Hines has acquired a portfolio of 15 projects containing 32 office buildings totaling approximately 2.5 million square feet, located in the Sacramento, Calif., metro area.
The portfolio was acquired from the Blackstone Group, which acquired these properties as part of its acquisition of Equity Office Properties earlier this year.
On behalf of Hines’ U.S. Office Value Added Fund II, nine projects comprised of 17 buildings totaling more than 1 million square feet were acquired in three suburban supply constrained submarkets, including South Natomas, Point West and Campus Commons.
On behalf of Hines’ Core Fund, the firm acquired six projects comprised of 15 buildings totaling approximately 1.4 million square feet. Included in these assets are the Wells Fargo Center located in downtown Sacramento at 400 Capitol Mall, and five assets in the heart of Roseville, all located on Douglas Boulevard. The Wells Fargo Center contains 30 stories and 502,887 square feet of office space. It was completed in 1992 and was 97 percent leased at closing. The Roseville assets total approximately 882,000 square feet and include Summit at Douglas Ridge I and II, Johnson Ranch Corporate Center I and II, Roseville Corporate Center, Olympus Corporate Center and Douglas Corporate Center I and II.