{"id":1004730966,"date":"2024-10-01T03:24:12","date_gmt":"2024-10-01T11:24:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004730966"},"modified":"2024-10-02T06:41:04","modified_gmt":"2024-10-02T14:41:04","slug":"manulife-sells-sacramento-office-for-117m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manulife-sells-sacramento-office-for-117m\/","title":{"rendered":"Manulife Sells Sacramento Office Tower for $117M"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Wells-Fargo-Center-Sacramento-e1727777557627.jpg\"><img decoding=\"async\" data-attachment-id=\"1004730967\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/manulife-sells-sacramento-office-for-117m\/the-wells-fargo-center-sacramento\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Wells-Fargo-Center-Sacramento-e1727777602387.jpg\" data-orig-size=\"600,449\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"The Wells Fargo Center Sacramento\" data-image-description=\"&lt;p&gt;The Wells Fargo Center&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Wells Fargo Center. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Wells-Fargo-Center-Sacramento-e1727777602387.jpg?w=600\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/The-Wells-Fargo-Center-Sacramento-e1727777557627.jpg\" alt=\"The Wells Fargo Center is a 501,208-square-foot office building rising 28 stories in Sacramento, Calif. that was sold for $117 million.\" class=\"wp-image-1004730967\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">The Wells Fargo Center rises 29 stories and includes an extensive amenity package.<em> Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Manulife US Real Estate Investment Trust has sold 400 Capitol Mall, a 501,308-square-foot office tower in downtown Sacramento, Calif. The asset traded for $117 million. The buyer is an entity related to Buzz Oates Real Estate, according to Sacramento County records.<\/p>\n\n\n\n<p>The property last changed hands in 2019, when MUST purchased it for $198.8 million from Starwood Capital Group, according to CommercialEdge information.<\/p>\n\n\n\n<p>MUST will use the net sales proceeds to repay a $130.7 million loan, with a maturity date set for 2025, by the end of this year.<\/p>\n\n\n\n<p>The all-cash sale is part of the company\u2019s recovery strategy, implemented to allow it to make early repayments of debt maturities and to mitigate risks amid the ongoing challenges in the <a href=\"https:\/\/www.commercialsearch.com\/news\/nyc-executives-stay-sober-minded-on-eve-of-fed-rate-cut\/\">U.S. office market<\/a>, said CEO &amp; CIO John Casasante in prepared remarks. Following the acquisition, the REIT now owns nine properties in the country, totaling nearly 4.6 million square feet.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/you-bought-an-office-building-now-what\/\">You Bought an Office Building.&nbsp;Now What?<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The tenant roster includes Wells Fargo, Deloitte, WeWork, Cushman &amp; Wakefield and Morgan Stanley among others, the same source shows.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-downtown-sacramento-office-building\">A downtown Sacramento office building <\/h2>\n\n\n\n<p>Also known as The Wells Fargo Center, the 29-story Class A+ office building came online in 1992 and features 34,000-square-foot floorplates, 13 passenger elevators, 20,000 square feet of first-floor retail space and 1,094 parking spots across five levels.<\/p>\n\n\n\n<p>The amenity package includes a fitness center with sauna and locker rooms, a tenant lounge, a conference room, a common lobby, an outdoor deck with a heated swimming pool, an on-site Italian restaurant, concierge and 24-hour security services. Additionally, the high-rise is the only building in Sacramento with a WiredScore Gold certification.<\/p>\n\n\n\n<p>Located in Sacramento\u2019s <a href=\"https:\/\/www.commercialsearch.com\/news\/uli-special-report-the-past-present-future-of-cbds\/\">central business district<\/a>, the property has access to Interstate 5, Tower Bridge and to multiple light rail and bus stations. Sacramento International Airport is some 10 miles northwest.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Class A property last traded for nearly $200 million.<\/p>\n","protected":false},"author":2991,"featured_media":1004730967,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747,36080,15],"tags":[47612,52033,48080],"class_list":["post-1004730966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","category-sacramento","category-west","tag-buzz-oates-real-estate","tag-manulife-investment-management","tag-manulife-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manulife Sells Sacramento Office Tower for $117M - 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