Carlyle, which previously bought two of the five buildings in 1997 and 1998, snapped up the remaining three in 1999 for an estimated $67million. Hines has not specified its purchase price for the recent transaction, and it was not immediately otherwise available.
Hines bought the property on behalf of the National Office Partners Limited Partnership (NOP), which was formed in July 1998 as a real-estate investment branch of the California Public Employees' Retirement System (CalPERS). NOP estimates that the purchase of Stoneridge Corporate Plaza brings its portfolio of 10.2 million sf in 28 buildings across the country.
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