One of Sacramento's tallest buildings is sold for steep drop in price
One of downtown Sacramento’s tallest buildings has been sold for significantly less than it was purchased for.Manulife US Real Estate Management (MUST) announced that it is divesting 400 Capitol Mall. The 29-story building is often referred to as the Wells Fargo Tower or Wells Fargo Building at the corner of 4th and Capitol.MUST plans to use proceeds from the sale to help pay off debt. The 501,308-square-foot building was sold to an all-cash buyer for $117 million.KCRA3 Money Expert Kelly Brothers said this represents a 41% drop in value from what it was most recently sold for.Brothers also stressed that this sale creates a ripple effect of less tax revenue in the future.The buyer is the same company that owns 555 Capitol Mall, Brothers said. See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter
One of downtown Sacramento’s tallest buildings has been sold for significantly less than it was purchased for.
Manulife US Real Estate Management (MUST) announced that it is divesting 400 Capitol Mall. The 29-story building is often referred to as the Wells Fargo Tower or Wells Fargo Building at the corner of 4th and Capitol.
MUST plans to use proceeds from the sale to help pay off debt. The 501,308-square-foot building was sold to an all-cash buyer for $117 million.
KCRA3 Money Expert Kelly Brothers said this represents a 41% drop in value from what it was most recently sold for.
Brothers also stressed that this sale creates a ripple effect of less tax revenue in the future.
The buyer is the same company that owns 555 Capitol Mall, Brothers said.
See more coverage of top California stories here | Download our app | Subscribe to our morning newsletter