Non-traded REIT KBS Real Estate Investment Trust II (KBS REIT II) recently signed the state of California’s elected tax commission, the Board of Equalization, to a 66,593-square-foot renewal lease at its Gateway Corporate Center (Gateway) in Sacramento, California.
“We are glad to have the Board of Equalization continue their occupancy at Gateway,” commented KBS Senior Vice President Brent Carroll. “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.”
Two, three-story, Class A office buildings make up Gateway Corporate Center with a combined 235,193 square feet of rentable office space. The buildings are less than seven years old and offer steel-frame structures with glass and masonry exteriors.
Gateway is located within a mixed-use development known as Promenade at Sacramento Gateway that offer a hotel and a 655,000 square-foot retail center. Additionally, there’s a 500,000 square-foot marketplace across the road from the property.
Downtown Sacramento and the Sacramento International Airport are only a 10-minute drive from Gateway.
KBS REIT II owned 13 real estate properties as of December 31, 2014. Three of those properties were classified as held for sale and have an aggregate net book value of $366.1 million. The REIT sold 14 properties throughout 2014.