SACRAMENTO-Hines REIT has acquired the 349,000-sf 1515 S St. office complex here from JB Management LP for about $67 million, or $190 per sf, according to an SEC filing Wednesday. The State of California leases all of the office space, or 340,169 sf.

The property is fully leased consists of two five-story buildings containing 349,000 sf of office and retail space, and parking for 750 vehicles in an adjacent eight-story parking garage. The buildings were completed in 1987 and are located within five blocks of the state capitol. Hines Interests will provide property management and leasing services.

Cameron Falconer, the Hines Interests officer responsible for the Sacramento area, says “Hines plans to continue to expand its presence in the area through the acquisition and development of well-located office properties,” but didn’t say whether he was speaking on behalf Hines Interests or Hines REIT.

Hines REIT commenced operations in November 2004. In a prospectus filing last week, the company says it has received gross offering proceeds of approximately $182.4 million from the sale of 18.42 million common shares, including approximately $2.1 million of gross proceeds related to the sale of 222,842 common shares pursuant to our dividend reinvestment plan. As of Oct. 27, 2005, 181.79 million common shares remained available for sale to the public pursuant to the offering, exclusive of the 19.77 million common shares available under its dividend reinvestment plan.

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