Hines announced that Hines Real Estate Investment Trust, Inc. (Hines REIT) has acquired California Casualty Plaza in San Mateo, CA, from the State Teachers Retirement System of Ohio. This is the first direct asset acquired by Hines REIT as it continues to assemble a diversified portfolio of assets that it believes have quality construction, desirable locations and quality tenants.
California Casualty Plaza is comprised of a four-story office building completed in 1971 and substantially renovated in 1996, and a two-story office building completed in 1983. Totaling 253,377 square feet, the properties are located at 1900 Alameda de las Pulgas and 2000 Alameda de Las Pulgas, respectively, in the San Francisco Bay area.
The complex is currently 84% leased with 66% of the property occupied by California Casualty Management Company, a privately held provider of home and automobile insurance.
"We believe California Casualty is an excellent acquisition for us. Not only does the project have a high quality rent roll and convenient access to the major freeways serving the Bay Area, it also enjoys amazing views with its adjacency to the Peninsula Golf & Country Club," according to Charles Hazen, president of Hines REIT.
Hines will provide property management and leasing responsibilities on behalf of Hines REIT.