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After Cypress Properties Group LLC had success with its first Old Sacramento building purchase, it’s picked up another to see about extending the run. A two-story, 19,308-square-foot building at 1200 Second St. sold Feb. 15 to Bay Area-based Cypress Properties for $3.8 million, according to brokers on the deal. Ken Turton of Turton Commercial Real Estate said the property, sold off market, fit with Cypress’ pattern for renovating buildings in overlooked areas.
Two midtown Sacramento properties with the same owner are on the market — but for lease, not sale. That’s a change for one of those properties, 1616/1630 I St., a two-building property with 6,400 to 26,000 square feet of space available for lease as an office or retail use. Scott Kingston, a vice president with Turton Commercial Real Estate who’s listing that and nearby 817 16th St., said Aaron Zeff and his company Priority Parking own all three.
Tenant improvements are getting underway for two firms that took office occupancy at midtown Sacramento’s Ice Blocks to 100 percent. Late last year, video game firm Electronic Arts signed a lease for 30,000 square feet, and coworking firm Spaces leased another 35,000 square feet at the Heller Pacific development of new and adaptive reuse retail, office and residential space. Aaron Marchand, a vice president with Turton Commercial Real Estate and a broker on those leases, said both companies should move in around mid-year.
Months after it began filling with tenants, midtown Sacramento apartment and retail project Q19 is for sale.
Project partners SKK Developments and The Grupe Co. felt the combination of better-than-expected leasing, good investor interest in Sacramento and low interest rates made it a good time to list the property, said brokers from Turton Commercial Real Estate listing the property.
“It’s an opportune time from a debt standpoint to acquire properties,” said John Mudgett, a senior director at Turton Commercial. “I see this as a safe harbor asset with continued demand from a leasing standpoint.”
A pub featuring miniature golf will fill a large retail vacancy near Golden 1 Center. Flatstick Pub has signed a lease to occupy part of the ground floor and the entire basement of 630 K St., with a planned opening in late spring of next year. The lease, of about 15,000 square feet, takes up all of what was formerly craft brewery Ruhstaller’s tasting room in the basement of 630 K St. Rushtaller has since opened a tasting room in the nearby mixed-use project on the 700 block of K Street.
A local coffee vendor will have its first brick-and-mortar location in a downtown building owned by the city of Sacramento.
GoodSide Coffee will open in 2019 in 1,550 square feet at 1430 H St., a ground-floor retail space in what’s largely a city parking garage.
Property in a redevelopment area near Broadway in Sacramento has sold, but what happens next is still to be determined. Escrow closed this month for 2400 Fifth St., a 24,000-square-foot parcel occupied by an active body shop. John Mudgett, a senior director at Turton Commercial Real Estate who was listing the property, said a former partner of the previous owner acquired 2400 Fifth St. Property records show Stephen Lok bought the property from Haksing Te for $700,000 earlier this month.
A prominent building on one of downtown Sacramento’s emerging blocks is available for purchase. For about two weeks, the four-story building at 830 K St. has been listed unpriced, representing possibilities for office, retail, creative office or other options, according to the listing broker. “There’s no doubt it will sell,” said Ken Turton of Turton Commercial Real Estate, which is handling the listing. “There are too many things that are great about the building.”
Midtown project Q19 listed for sale
Months after it began filling with tenants, midtown Sacramento apartment and retail project Q19 is for sale. Project partners SKK Developments and The Grupe Co. felt the combination of better-than-expected leasing, good investor interest in Sacramento and low interest rates made it a good time to list the property, said brokers from Turton Commercial Real Estate listing the property.
A midtown Sacramento hotel from local restaurateur Randy Paragary will be one of the first Tapestry Collection by Hilton locations in California. That’s the brand for the new hotel planned at 28th Street and Capitol Avenue, according to a news release from Paragary Restaurant Group. The $29 million project will be called Fort Sutter Hotel, according to the release.