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SACRAMENTO NEWS
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KBS REIT Closes on 234k sf Sacramento Office Buy

2/04/11

The most recent office investment activity in Sacramento involves two buildings in the mixed-use Sacramento Gateway development that were acquired by KBS Real Estate Investment Trust II (KBS REIT II) of Newport Beach for $47.4 mil ($203/sf). The complex, known as Gateway Corporate Center, encompasses two identical, three-story office buildings containing 116.9k sf of space each for a combined total of 233.8k sf.

The project is situated adjacent to I-80 in Sacramento’s Natomas submarket, ten minutes from downtown Sacramento and the Sacramento International Airport. The complex is 91 percent occupied by 13 tenants, with the California State Board of Equalization, California Department of Industrial Relations and Jacobs Engineering collectively occupying 57 percent.

Grant Lammersen and George Eckerd of Cushman and Wakefield represented the seller in the deal, which closed January 26, 2011. KBS Capital Advisors represented KBS REIT II. Gateway Corporate Center becomes the sixth Sacramento-area property owned by KBS-affiliated companies, for a total of more than 665k sf in the market. In all, KBS-affiliated companies have added more than 6.4 msf of commercial real estate since the beginning of 2010.
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Other highlights of Sacramento Gateway include a hotel and the 655k sf Promenade at Sacramento Gateway retail and restaurant center.






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