June 26, 2017
Houston-based Hines acquired Park Tower, a 25-story, Class A high-rise located in Sacramento from Los Angeles-based CIM for $120M. The deal for the 482,939-square-foot office building includes an 800-stall attached structured parking garage, as well as the 350-stall parking garage at 1010 8th St.
Hines’ Cameron Falconer said, “We are excited to acquire this best-in-class office asset in a very desirable location. This building offers close proximity to the Golden 1 Center, dining venues and retail, public spaces and other area amenities.”
The trophy office tower, located at 980 Ninth St., was built in 1991, and is the fourth-tallest in the area. Among the tenants are Downtown Sacramento Partnership, Newmark Cornish & Carey and CIM Group. Ground-floor retail tenants include Starbucks, Golden Pacific Bank and Ancho Mexican Grill.
NKF’s Grant Lammersen handled the transaction.
For comments, questions or concerns, please contact Dennis Kaiser