Gateway Corporate Center I & II
180 & 160 Promenade Circle, Sacramento, CA 95834
Gateway Corporate Center consists of two three-story Class A office buildings completed in 2008 and 2009. Both buildings contain an identical 116,918 net rentable area of office space for a combined total of 233,836 square feet. The property is located within a mixed-use development, which also includes a hotel and a 655,000-square-foot retail center known as Promenade at Sacramento Gateway. The property is approximately a 10-minute drive from both downtown Sacramento and the Sacramento International Airport.
The two buildings are both steel-framed structures with exteriors of glass and masonry. 160 Promenade Circle is LEED Silver certified, which is attractive to state tenants. 180 Promenade Circle is Energy Star rated. The property provides 935 surface parking stalls for a parking ratio of 4.0 stalls per 1,000 square feet. The property has excellent access via the Truxel Road exit from Interstate 80, which is about 1 mile east of the junction of Interstate 80 and Interstate 5. In addition to the 655,000-square-foot Promenade at Sacramento Gateway retail center, the 500,000-square-foot Natomas Marketplace lies across Truxel Road from the property.
Investment at a Glance
Location: Sacramento, CA
Property Type: Class A Office
Acquisition Date: January 26, 2011
Purchase Price: $47,407,000
Sale Date: June 14, 2017
Sale Price: $47,500,000
No. of Buildings: 2
No. of Stories: 3
Square Footage: 233,836 SF
Year Built: 2008 and 2009
Leased Percentage (at the time of Acquisition): 90.8%