Hines REIT, the private trust owned by Houston-based developer Hines, has acquired a three-story Sacramento, Calif. office building for $32.85 million. The 149,703 sq. ft. property at 3400 Data Drive is located in the Highway 50 submarket of Sacramento. Alliance Commercial Partners sold the property to Hines REIT. CB Richard Ellis represented Alliance in the sale.
“We believe that 3400 Data Drive will further enhance the Hines REIT portfolio with the building’s institutional-grade tenant and quality ,” says Charles Hazen, president of Hines REIT. “This is Hines REIT’s second acquisition in the area. We also own 1515 S Street in downtown Sacramento.”
The building was completed in 1990. The tower is 100% leased to Catholic Healthcare West, a firm that operates a system of 41 hospitals and medical centers in California, Arizona and Nevada.
Cameron Falconer, the Hines officer responsible for the Sacramento area, says that Sacramento is a strategic market for the company. He adds that Hines plans to expand its presence in the area through the acquisition and development of well-located office properties.