SACRAMENTO—KBS Real Estate Investment Trust II, a non-traded REIT, completed a 66,593-square-foot renewal lease at Gateway Corporate Center with the Board of Equalization, the state of California's elected tax commission. Terms of the lease transaction were not disclosed.
Gateway Corporate Center is located at 160 and 180 Promenade Circle, and consists of two, three-story, Class A office buildings completed in 2008 and 2009. Combined, the buildings total 235,193 square feet of rentable office space. The two buildings are both steel-frame structures with exteriors of glass and masonry. The lobby floors are made of travertine field stone and the walls are finished with cherry wood wainscot.
Brent Carroll, KBS senior vice president, tells GlobeSt.com: “The Board of Equalization has been a great tenant and they are very easy to work with. We are pleased to meet their space and amenity needs, and we look forward to continuing our relationship with them.”
The property is approximately a 10-minute drive from both downtown Sacramento and the Sacramento International Airport. The property provides 935 surface parking stalls and has excellent access via the Truxel Road exit from Interstate 80, which is about one mile east of the junction of Interstates 80 and 5.
“Being in a mixed-use development and having excellent roadway access, we believe that the location of Gateway Corporate Center is one of its biggest assets for our tenants,” says Carroll.
Promenade at Sacramento Gateway, the mixed-use development in which the property is located, includes a hotel and a 655,000-square-foot retail center known as Promenade at Sacramento Gateway. In addition, the 500,000-square-foot Natomas Marketplace lies across Truxel Road from the property.
Nearly a year ago, KBS REIT II signed three leases at Gateway Corporate Center I and II totaling 35,126 square feet.
KBS Capital Advisors is KBS REIT II's external advisor and an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber. Since the founding in 1992, KBS-affiliated companies have completed transactional activity in excess of $32 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
