Sacramento’s Park Tower Acquired for $166M

Singapore-based Prime US REIT, represented domestically by Newport Beach-based KBS, has acquired the Park Center office tower in downtown Sacramento from Hines for $165.5 million. Located at 980 9th Street, the property offers 489,171 square feet of Class A building space attached to a 800-space parking garage.

For Prime US REIT (PRIME), which trades on the Singapore Exchange Securities Trading Limits, this is the fund’s first purchase since listing in 2019 with 11 U.S. assets. KBS serves as the U.S.-based asset manager for the portfolio, which included identifying and sourcing this asset on behalf of the portfolio.

According to KBS’ Rod Richerson, “Acquiring Park Tower is a strategic investment into a prime location and a premier asset. At 92% occupancy, Park Tower is one of the top five buildings in the downtown Sacramento market, with strong in-place cash flow and a diverse base of credit tenants.”

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