Bentley Forbes Buys BankAmerica's Regional Headquarters In Sacramento For Approximately $30 Million -- Firm's 2nd Major Office Building Acquisition in Sacramento Region Past Year --.

LOS ANGELES--(BUSINESS WIRE)--Feb. 26, 1999--The Bentley Forbes Group LLC announced today that it has purchased BankAmerica Corporation's regional headquarters building in Rancho Cordova, CA, near Sacramento, for approximately $30 million. As part of the deal, Bentley Forbes simultaneously leased back the property to BankAmerica for 12 years.

This is the second major sale/leaseback transaction that Bentley Forbes has completed in the Sacramento area within the past year - both with companies in the financial services arena. Last year, Bentley Forbes paid $87 million - a record price for an office building in the California capital - to acquire the gold, pyramid-shaped headquarters and parking structure of The Money Store, and then leased it back to the seller.

Finished in the later part of 1997 for a reported cost of more than $23 million, the BankAmerica building is among the largest private sector leases and build-to-suit projects ever developed in the region. The 188,000-square-foot structure houses about 1,200 employees.

C. Frederick Wehba II, president of Los Angeles-based Bentley Forbes, said this transaction brings his firm's portfolio to more than $550 million. The real estate investment firm has experienced growth of more than 300% during the past year.

NationsBank Corporation of Charlotte, NC financed the transaction.

The Bentley Forbes Group is a national, full-service commercial real estate investment firm that specializes in the acquisition and ownership of single-tenant, income-producing properties ranging from office buildings and shopping centers to light industrial facilities and warehouses.