K Street building in Downtown Sacramento sells for $4.95 million

The building at 1020 K St. is 31,897 square feet, according to online marketing materials from Turton Commercial Real Estate. It is home to nightclub District 30 and Dive Bar, which features a saltwater aquarium and underwater performers. Pizza Rock, a pizza restaurant that also has a site in Las Vegas, also operated out of the location before closing during the pandemic.

Broker Scott Kingston of Turton Commercial announced the building has been sold for $4.95 million in a social media post on Thursday evening.

Source: Sacramento Business Journal

Speciality food store Mad Dog Market, Druthers coffee shop expected to begin operating soon at Sutter Triangle

Two vacant retail spaces at an apartment and retail project in East Sacramento are expected to be filled in early 2023. One of the project’s retail spaces is filled by Poppy by Mama Kim cafe, which began operating last year. Mad Dog Market is planning to fill a space at 533 53rd St., Suite 110. Owner Jennifer Quillici said the shop will be a speciality food store carrying items like gourmet sauces, olive oils, vinaigrettes and charcuterie board items, in addition to gifts and housewares. Next door to Mad Dog Market will be a new eatery called Druthers — a coffee shop featuring Camellia Coffee Roasters coffee and espresso and a selection of house-made sweet and savory sweet potato-based waffles.

Matt Axford and Scott Kingston with Turton Commercial Real Estate were involved in the lease deal.

Source: Sacramento Business Journal

SKK Developments buys site for approved but unbuilt multifamily project Cascade from D&S Development

Phoenix Enterprises Inc., with the same Sacramento address as SKK, bought 1705 I St., the same address as the approved but unbuilt Cascade project. Cascade, which was entitled in 2020, would be an eight-story, 206-unit project with features such as 3,050 square feet of ground-floor retail space and 105 interior parking stalls. It’s not clear if Kolokotronis plans to build the project under those parameters or something different.

D&S Development bought the property in 2019 for $3.5 million, before listing it for sale for $5.54 million in early 2021, after entitlements were secured. At the time, a broker from Turton Commercial Real Estate who was representing D&S said the firm didn’t want to spread itself too thin but might still carry out the project itself if it didn’t get any offers the company liked. Turton Commercial Real Estate brokered the sale of 1705/1715 I St., which closed in early November.

Source: Sacramento Business Journal

California Federation of Teachers buys Downtown Sac office building for $2.875 million

Escrow closed Friday at $2.875 million for a single-story building at 1221-1225 H St., owned by the California Rangeland Trust and the California Cattlemen’s Association. The California Federation of Teachers was the buyer. The group appears to currently occupy a space in the Forum Building on Ninth Street in Downtown Sacramento. David Khedry, a broker from Turton Commercial Real Estate who worked on the deal, said CFT will occupy the entire building on H Street. Khedry and Jon Lang of Turton Commercial worked on the deal on the sellers’ side, while Khedry and Scott Kingston of Turton Commercial worked on behalf of the buyer.

Source: Sacramento Business Journal

Former site of Biba Restaurant in Midtown Sacramento proposed for renovation, upper-floor apartment conversion

San Diego-based JCG Development is teaming with architecture firm HGA and nonprofit Hattie’s House to renovate 2801 Capitol Ave. in Midtown into new retail/restaurant space on the ground floor and basement, and from office space into apartments on three upper floors.

Turton Commercial Real Estate would market those two floors not only for a restaurant, but for a “grab-and-go” market offering healthy options like sandwiches and juices to serve workers at nearby Sutter Medical Center.

Source: Sacramento Business Journal

Longtime area restaurateurs permanently close East Sac restaurant Celestin’s

The local operators of a restaurant specializing in French Creole cuisine are retiring and have closed their East Sacramento location.

Broker Matt Axford of Turton Commercial Real Estate, who listed the space along with partner Kimio Bazett, said a prospective tenant has since signed a letter of intent to take over the East Sacramento space, though they are a week or so away from completing the deal.

Source: Sacramento Business Journal

Lot X, on the southwest corner of Capitol Mall and Third Street in Downtown Sacramento, could see construction soon

For nearly two decades, some of the properties now poised for new activity had previous proposals come and go. An ardent Downtown booster could make a longer list, but the most high-profile of those properties would include 800 K/801 L St.; 301 Capitol Mall; Lot X on Capitol Mall, 920, 924 and 930 K St.; 831 L St. and 921 10th St.

Ken Turton, Turton Commercial’s owner and president, said it was a perfect storm to produce urban development: high interest, a good economy and relatively low construction costs and interest rates.

Source: Sacramento Business Journal

Retro Lodge in Downtown Sacramento sold for $6.12 million

Adaptive reuse property Offices at Retro Lodge in Downtown Sacramento has a new owner who’s probably more familiar with its previous use. Records show SJ Hospitality, with a Davis address, bought the converted former hotel property at 1111 H St. for $6.12 million.

Offices at Retro Lodge includes a four-story, 11,616-square-foot office building at 1029 H St. and a three-story, 12,282-square-foot office and retail building at 1111 H St. Including parking, the entire property is about .64 of an acre.

Patrick Stelmach and Scott Kingston of Turton Commercial worked on the deal.

Source: Sacramento Business Journal

Hines selected as developer for 20-acre Project Elevate site in Elk Grove

Houston-based Hines has come on board as the developer for Elk Grove’s bid at creating an urban-style development in the heart of the city. Elk Grove City Council voted in favor earlier this month of an agreement with Hines for a 20-acre site that the city has dubbed Project Elevate, with housing, retail, office and other components.

Scott Kingston, a senior vice president with Turton Commercial Real Estate, said though dozens of developers nationwide expressed interest in the project, Hines had some attributes that made them the best choice.

On the southeast corner of Big Horn and Elk Grove boulevards, Project Elevate would be developed in two phases, under Hines’ proposal. About 300 apartments, the specialty grocery store, hotel and some retail and parking would be in the first phase, with the balance in the rest.

Source: Sacramento Business Journal

Pappas Investments adds to Midtown holdings with $2 million purchase

Records show an entity affiliated with Pappas Investments bought 2020 K St., an empty single-story commercial building, for $2 million in late June. Pappas said the only plan for 2020 K St. is to update the property and look to lease it. With a new bike store going in nearby and the building just down the block from the popular Lavender Heights nightlife area, it was a good one to invest in, he said.

Turton Commercial Real Estate brokered the property sale.

Source: Sacramento Business Journal