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Sterling-Hines JV Buys 300 Capitol Mall for $130M

SACRAMENTO, CA-One week after acquiring 333 Bush St. in Downtown San Francisco, Sterling American Property acquires a more stable property in the state's capital.

By Brian K. Miller | Updated on June 17, 2007

SACRAMENTO, CA-Sterling American Property Inc. and Hines have jointly acquired 300 Capital Mall from an affiliate of HVB Capital Markets for $130 million or $339 per sf. Also known as the Emerald Building, the 18-story, 383,238-sf structure is more than two-thirds leased to the state. Occupancy is 98%.

“A lot of our plays are value-added and this does lean more to core,” Sterling’s SVP of asset management Robert Bergman tells GlobeSt.com. “We have been looking at some longer term stable opportunities in growing markets such as Sacramento.”

Designed by DMJM and completed in 1984, 300 Capitol Mall sits in close proximity to the state capitol and other government offices. Westfield Downtown Plaza and Interstate 5 are both one block from the property. Amenities include an attached 761-car garage and city and river views. Hines will assume the on-site property management responsibilities for the building.

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