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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 Lokbought 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.”
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.
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.
“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.”
After opening in October, Q19 at 1907 Q St. is about 80 percent leased on its 68 apartments. Mudgett said he believes the property will be fully leased by the time of Turton’s call for offers on Feb. 15.
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.
“I think both were focusing on recruitment and retention, and they were also looking for quality office space,” Marchand said. With Ice Blocks, they also have access to several retail amenities both within the development and nearby on R Street and midtown, he said.
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.
Hallmark Properties has bought land near downtown Davis where the city has teed up more commercial development.
Construction should start within the next couple weeks on a mixed-use project in one of midtown Sacramento’s busiest corridors.