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Hines Divests Wells Fargo Center for $176M

Houston-based Hines Real Estate Investment Trust Inc. divested Wells Fargo Center in Sacramento, CA to an undisclosed buyer for $175.6 million. The 30-story office building is the tallest in the market, and will continue to be managed by Hines.

The more than 500,000-square-foot asset was acquired by Hines in 2007 on behalf of its Core Fund from New York-based Blackstone Group LP, as part of a $760 million portfolio acquisition.

Built in 1992, the property is located at 400 Capitol Mall, near the just-opened Golden 1 Center in Sacramento’s Central Business District.

Eastdil Secured handled the transaction on behalf of Hines.

Wells Fargo Center

Wells Fargo Center

Read more at Sacramento Bee

Connect With Hines Real Estate Investment Trust Inc.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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