SOLD

Gateway Corporate Center I & II

180 & 160 Promenade Circle, Sacramento, CA 95834

Property Overview

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

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%

$47,407,000 Total Purchase Price
235,193 square feet Total Rentable Area
Class A Building Class