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Midtown Motel Property Sold, Redevelopment Likely
Another prominent midtown Sacramento property has sold, and a redevelopment looks likely for its future. The defunct Desert Sand Inn/Motel at 623 16th St. sold for $1.225 million in a courthouse steps auction, said Jon Lang of Turton Commercial Real Estate, who handled the sale with Aaron Marchand of Turton.
Midtown Office Building Could Change to Retail Use
A recently sold midtown Sacramento office building has been home to a physical therapist’s office for the better part of 24 years, but there’s likely a different future in store. With a new locally based owner who specializes more in retail, a new concept for the building at 1308 28th St. could be revealed before year’s end, said one of the brokers on the deal. “It’s likely to be a different use than office,” said Jon Lang of Turton Commercial Real Estate, who handled the deal with Aaron Marchand of Turton Commercial on behalf of the seller.
Sacramento Commercial Lending Forecast
So how competitive will the market be for commercial real estate this year? Comstock’s sat down with Five Star Bank President James Beckwith, commercial real estate broker Ken Turton and John Weubbe, executive vice president and commercial banking director of River City Bank, to get the answers and assess the financial health of the Capital Region.
Sharif Plaza Sees New Lease After Revamp
After deciding to revamp an aging shopping center with visibility on Howe Avenue, the investment is starting to pay off for the owners of Sharif Plaza. Within the last week, Happy Day Spa opened in 6,000 square feet on the center on 1338 Howe Ave., proving a complement to the Sharif Jewelers store already occupying about 4,100 square feet in the plaza’s other building. Turton Commercial Real Estate who worked on the lease, said the plaza’s owners saw new commercial activity elsewhere in their neighborhood and wanted to tap into it.
CrossFit Analog Coming to R Street
When CrossFit Analog opens early next year on R Street in Sacramento, those coming for a workout can trust in the trainers, said the leasing agent for the gym. After all, said Jon Lang of Turton Commercial Real Estate in Sacramento, business partners Jesse Gray and Steve Gray are not only trainers, they’re past participants in the affiliated CrossFit Games.
Despite Recent Deals, National Chains Shy Away From Midtown, Experts Say
Habit Burger and BevMo may be moving into midtown Sacramento, but purists need have no fear that national chains are taking over the region’s hippest shopping and dining district — at least not yet…Restaurant chains have stringent checklists they go through before choosing a site, including minimum numbers for nearby jobs and residents. Midtown tends to have the jobs, which means lunch customers, but its residential numbers are low, which chains equate with low dinner-time numbers, said Daniel Mueller, retail specialist with Turton Commercial Real Estate.
New Car Dealers Association Buys Downtown Building
The California New Car Dealers Association has purchased a downtown office building that will serve as the organization’s new space in a year. On Friday, the trade group purchased a nearly 13,000-square-foot building at 1517 L St., said Brian Maas, president. Ken Turton of Turton Commercial represented the sellers.
Future Arena Creates Holding Pattern
This phase is what broker Aaron Marchand of Turton Commercial Real Estate calls “tweener time.” It’s the awkward period of time between the Sacramento Kings gaining new owners who plan to build a downtown arena and that venue actually opening.
Rocklin Office Building Housing Stantec Changes Hands
A flex office building in Rocklin is under new ownership, but the brokerage firm who helped get the deal done on the seller’s side said it was just a transaction that made sense. “This asset fell into their buying criteria, and they bought it,” said Ken Turton of Turton Commercial Real Estate, which handled the $3.5 million deal on behalf of seller Logical Investments LLC.
3875 Atherton Trades for $3.5 Mil.
Cole Real Estate Investments purchased 3875 Atherton Road in Rocklin for $3.5 million, or $176 per square foot, with an 8.7% cap rate…Ken Turton of Turton Commercial Real Estate represented the seller, ECO:Logic Engineering.