Downtown Sacramento’s Emerald Tower sold last week for $127 million to the United Auburn Indian Community (UAIC) Development Corporation and the Evergreen Company. The Tribal division and the Sacramento-based real estate and property management company bought the 18-story high rise from another joint venture: Texas-based real estate firm Hines and New York-based Sterling Equities.
The building, a Sacramento staple built in 1985, is currently 91.8 percent leased. Long-term tenants include the California State Controller’s Office, the Department of Insurance and the Public Utilities Commission.
The 385,844-square-foot Class A high-rise is certified LEED Platinum. Situated on Capitol Mall just a block from Downtown Commons (DOCO) and the Golden 1 Center, its central location, easy access to transport and great views make it a major draw for tenants.
“Investors continue to warm to downtown Sacramento’s tightening office market where trophy assets can still be purchased at per square foot prices well below those seen in San Francisco and even Oakland,” broker JLL’s Michel Seifer said in a press release about the sale.
The United Auburn Indian Community is also the developer of Thunder Valley Casino Resort, located in Lincoln, and Whitney Oaks Golf Club in Rocklin. Located 30 miles east of Sacramento, Thunder Valley’s AAA Four Diamond resort offers 270,000 square feet of gaming space – including over 3,400 slot and video machines, 103 table games and a live poker room with space for 450 players. Thunder Valley counts 14 restaurants and bars, including High Steaks Steakhouse, Red Lantern and a 500-seat Buffet as well as Mingle Bar, Falls Bar, Thunder Bar and High Steaks Bar. Thunder Valley Casino Resort is also home to a luxury, 17-story hotel with 408 rooms, including 40 suites and an expansive outdoor pool complete with private cabanas and Coconut, a poolside bar.