338,000-SF Office Building Trades Hands

SACRAMENTO, CA-A 338,000-sf office building here that is 88% leased has been sold for $65.5 million. The seller is Oaktree Capital Management of Los Angeles. Triple Net Properties of Santa Ana, CA acquired the property on behalf of one of its tenant-in-common investment pools.The 28-story building has parking on floors 2-7 and office space on floors 8-28. The first floor lobby was recently renovated and expanded. The office space is 60% occupied by the state Department of Conservation, which has leased the space through 2014. Steve Hermann and Bob Gilley of CB Richard Ellis in San Francisco had the disposition assignment. Dave Doupe and Larry Krasner of CBRE in Los Angeles represented Triple Net Properties. None of the parties involved was available for comment. Other local brokers familiar with 801 K. St. tell GlobeSt.com it was Oaktree Capital’s only Sacramento asset. Conversely, Triple Net Properties manages several assets in the Sacramento area, including the nearby Sacramento Corporate Center at 901 J. St., a 191,000-sf office building in Downtown Sacramento and several suburban properties.In October, on behalf of the public but un-traded G REIT, Triple Net Properties acquired the 61,000-sf Sutter Square Galleria in midtown Sacramento for about $8.2 million. In August, also on behalf of G REIT, Triple Net acquired the 130,805-sf North Pointe Corporate Center in suburban Sacramento for $24.2 million.