Newport Beach-based KBS Real Estate Investment Trust II has purchased the Gateway Corporate Center in Sacramento for $47 million.
The complex includes two, three-story office buildings totaling 233,836 square feet. The property is currently 91 percent occupied by 13 tenants, with the California State Board of Equalization, California Department of Industrial Relations and Jacobs Engineering collectively occupying more than half the available space.
“Situated at one the most prestigious mixed-use developments in the Sacramento market, Gateway Corporate Center offers tenants an unmatched location and amenity package which translates into strong tenant appeal,” said Peter Mette, KBS Realty Advisors’ senior vice president and director of acquisitions for the Northwest Region.
The complex is located 10 minutes from downtown Sacramento. The surrounding area includes a hotel and the 655,000-square-foot Promenade at Sacramento Gateway retail and restaurant center. The Gateway Corporate Center is the sixth Sacramento-area property owned by KBS-affiliated companies, totaling more than 665,000 square feet in the market. KBS' units have added more than 6.4 million square feet of commercial real estate since the beginning of last year.
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