Redefining the Core: Downtown Sacramento

This article gives an overview of Downtown Sacramento projects in various stages of development including projects in the works, proposed, or completed in the central city. Turton Commercial Real Estate is involved with the following: Cypress at 1330 N St., 730 I Street, Lot X at 201 N St., and Envoy at 1010 11th St.

Source: Sacramento Business Journal

‘Now’s the time’: Historic Crest Theatre property in downtown Sacramento listed for sale

One of Sacramento’s most iconic vintage theaters is now on sale for $21 million, along with several other businesses that are part of the same property.

Robert Emerick is the current owner of the Historic Crest Commercial Center. Located on K Street between 10th and 11th streets, the nearly 37,000 square foot property includes the Crest Theatre, Empress Tavern, Public Policy Advocates, Capitol Books, Crest Café, Nash & Proper and Hao Bao Dumpling. Emerick, an engineer by trade, said he bought the property in 2011 to make improvements to it. “If I’m going to sell it, now’s the time,” Emerick said.

Turton Commercial Real Estate listed the property for sale last week. The portfolio describes the Crest Theatre complex as “one of the entertainment pillars of the central business district and a highly reliable investment.” “There’s only so many iconic venues that you can buy right in the heart of an entertainment district,” president Ken Turton said.

Source: KCRA 3

Crest Theatre property for sale in Downtown Sacramento

Downtown Sacramento’s most historic theater and its surrounding property have been put on the market for sale.

The Crest Theatre complex spans two buildings totaling 36,771 rentable square feet along K Street between 10th and 11th streets. Property tenants include Capital Books, Empress Tavern, Public Policy Advocates LLC, Crest Cafe, Nash & Proper, Hao Bao Dumplings and the Crest Theatre.

The property was listed for sale earlier this week at an asking price of $21 million. Listing broker Ken Turton, president of Turton Commercial Real Estate, said the current property owner, Robert Emerick, has relocated out of the area and is exploring options for the sale.

Source: Sacramento Business Journal

New residential project planned near 65th and Folsom in Sacramento

Records show Bains Property Inc., with an address in Ketchikan, Alaska, bought the property in early May for $1.2 million. There was no contact information for the buyer. The sale closed about two weeks before the water test request was submitted to the city. Turton Commercial Real Estate broker Jack Scurfield, who worked on the seller’s side for the deal, said the new owner might pursue a project down the road, but not imminently. “I know they bought it as a covered land play,” he said, adding the plan for now will be to find a new tenant for the existing 5,000-square-foot building on the property. “They may entitle it and eventually go ground up about five stories.” Turton Commercial’s online brochure for the property mentioned that going vertical would be an option for a new owner. “Aside from the opportunities presented in the existing 4,960 SF building, the site also lends itself well as a mixed-use development play with flexible Residential Mixed-Use zoning in place,” Turton’s listing on LoopNet for the property states. “Preliminary conversations with the City indicate a project of up to four stories is feasible, with ground floor retail and residential units (potentially student housing) above.”

Jack Scurfield, a director, and Ken Turton represented the seller on the sale.

Source: Sacramento Business Journal

HK3 sells Southsider apartment/retail project south of Downtown Sacramento to Ventura buyer

In a rare new urban development sale, the Southsider project south of Downtown Sacramento is now owned by an investor from Ventura County.

Turton Commercial brokered the sale of the four-story apartment and retail project developed by HK3 Development, which didn’t return a message seeking comment.

“We always loved the diversity of Southside Park, and believed it flew under the radar given its proximity to Downtown, Midtown, parks, recreation, restaurants and nightlife,” HK3 Principal Fred Khasigian said in an announcement about the sale released by Turton Commercial. “After speaking with residents and doing community outreach over several years, we decided to execute this project and by 2021, we were proud to deliver Southside Park’s first mixed-use project.”

Escrow for the property closed in 24 days, according to Turton Commercial, noting Southsider is the first apartment property of more than 15 units to have sold in Midtown or Downtown Sacramento in the last six months.

Ken Turton and Jon Lang of Turton Commercial represented the seller in the deal.

Source: Sacramento Business Journal

R Street Corridor Construction Projects

This article gives an overview of projects on the R Street Corridor in various stages of development. It’s part of the Redefining the Core coverage, which features projects in the works, proposed or completed in the central city. While proposed or in the works projects appear likely, it’s possible not every project will make it to the completion phase.

Examples that Turton Commercial Real Estate is involved include The Richmond, Ice Box, Maker and many more.

Source: Sacramento Business Journal

Major Construction Projects in Midtown Sacramento

This article gives an overview of projects in Midtown Sacramento in various stages of development. It’s part of the Redefining the Core coverage, which features projects in the works, proposed or completed in the central city. While proposed or in the works projects appear likely, it’s possible not every project will make it to the completion phase.

Examples that Turton Commercial Real Estate is involved in include Jefferson Block, Tribute Building, 21K, Old Tavern Building, and more!

Source: Sacramento Business Journal

Qisa Coffee filling space at The Amalia in Curtis Park

Qisa Coffee, which will specialize in Yemeni coffee mixed with Peshawari flavors, is planned for a 900 SF space in The Amalia, a newer mixed-use infill project in Curtis Park. Owner Abdul Aziz, said the shop will feature a menu of chai tea, Turkish coffee, espresso drinks, and small bites. Aziz is hopeful to have Qisa Coffee open by June 1st. Scott Kingston and Kimio Bazett with Turton CRE represented the tenant.

Source: Sacramento Business Journal

De Vere White brothers appear to be planning bar at The Richmond

The Richmond, a new mixed-use project being constructed in the R Street Corridor, is expected to be completed this year, and its first commercial tenant appears to be a well-known local food and beverage operator.

Broker Scott Kingston of Turton Commercial Real Estate, who handles leasing for the commercial spaces at The Richmond, said an approximately 2,500-square-foot space along 17th Street near Rice Alley has been claimed by a bar concept, but he declined to elaborate.

A recent filing with the California Department of Alcoholic Beverage Control indicates that bar concept is being spearheaded by Irish Hospitality Management Inc. and DVW Brothers LLC, both of which trace back to brothers Henry and Simon de Vere White, owners and operators of the Irish Hospitality Group. The filing stated the business, called Day Tripper, is in the process of having a liquor license transferred from former Downtown Sacramento bar Pre Flite Lounge.

Kingston said the remainder of the commercial space at The Richmond has not been claimed, though there has been interest shown from other food and beverage operators. He said the spaces are flexible and could range anywhere from 1,500 square feet to as much as 3,600 square feet.

Source: Sacramento Business Journal

Work underway on housing/retail project at Broadway and Land Park Drive

Construction started earlier this month at 1600 Broadway on what’s planned to be a five-story, 68-unit market-rate apartment project with retail space. According to revised plans approved by the city in 2022, 1600 Broadway will have apartments ranging from studios to two bedrooms, and from 466 to 853 square feet. Every apartment is planned to include a small outdoor patio or balcony as well. There will also be just under 8,000 square feet of retail space and 45 parking spaces. A previous proposal for the site had more retail space but fewer apartments and parking spots.

MarketOne Builders in Sacramento is the contractor for the project, which is on the southeast corner of Broadway and Land Park Drive. Turton Commercial Real Estate is handling leasing for the retail components.

Source: Sacramento Business Journal