Manulife US Actual Property Funding Belief has bought 400 Capitol Mall, a 501,308-square-foot workplace tower in downtown Sacramento, Calif. The asset traded for $117 million. The vendor is an entity associated to Buzz Oates Actual Property, in accordance with Sacramento County information.
The property final modified fingers in 2019, when MUST bought it for $198.8 million from Starwood Capital Group, in accordance with CommercialEdge data.
MUST will use the web gross sales proceeds to repay a $130.7 million mortgage, with a maturity date set for 2025, by the tip of this yr.
The all-cash sale is a part of the corporate’s restoration technique, applied to permit it to make early repayments of debt maturities and to mitigate dangers amid the continuing challenges within the U.S. workplace market, stated CEO & CIO John Casasante in ready remarks. Following the acquisition, the REIT now owns 9 properties within the nation, totaling almost 4.6 million sq. toes.
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The tenant roster consists of Wells Fargo, Deloitte, WeWork, Cushman & Wakefield and Morgan Stanley amongst others, the identical supply reveals.
A downtown Sacramento workplace constructing
Also called The Wells Fargo Heart, the 29-story Class A+ workplace constructing got here on-line in 1992 and options 34,000-square-foot floorplates, 13 passenger elevators, 20,000 sq. toes of first-floor retail area and 1,094 parking spots throughout 5 ranges.
The amenity bundle features a health middle with sauna and locker rooms, a tenant lounge, a convention room, a typical foyer, an out of doors deck with a heated swimming pool, an on-site Italian restaurant, concierge and 24-hour safety providers. Moreover, the high-rise is the one constructing in Sacramento with a WiredScore Gold certification.
Positioned in Sacramento’s central enterprise district, the property has entry to Interstate 5, Tower Bridge and to a number of gentle rail and bus stations. Sacramento Worldwide Airport is a few 10 miles northwest.
