Turton in the news
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Bel-Vue Apartments Downtown Ready to Start Taking Tenants
While there’s no update on bigger neighboring projects, one rehab housing project in downtown Sacramento has wrapped up work. Construction is complete and tenant processing is underway for the Bel-Vue, 22 rehabbed units of affordable housing at 1123 Eighth St. Shahriar Nejad, a project manager with developer CFY Development Inc., said the 110-year-old building has received a temporary certificate of occupancy. A grand opening event is set for September, he said in an email. Rehabbing the units as well as first-floor commercial space was pegged at about $7.5 million.
Web Events Company Leases Midtown Building
An online booking company for events is opening its first regional spot in midtown Sacramento. The company Neyborly, which has six locations in the Bay Area and Portland, Oregon, will occupy a 4,800-square-foot building at 817 16th St., according to a broker who worked on the lease. “Neyborly creates vibrant and unique venues for events, meetings, parties and popups,” said Scott Kingston, a vice president at Turton Commercial Real Estate, in an email. “They will help you develop an amazing gathering.”
5 Things to Know, and this Eatery is Joining the 1430 Q Project
The retail portion of the project at 1430 Q St. in Sacramento is completely leased, representatives from Turton Commercial Real Estate announced on Twitter. Restaurant chain Fire Wings will fill the final retail spot in the project near the R Street Corridor, joining previously reported tenants such as CycleBar, Saha Float Spa and The Good Scoop. The project, which is being developed by 1430 Q St. Investors LLC, will also include apartments.
Midtown Starbucks Site Listed for Lease
Starbucks is closing one of its midtown Sacramento stores next month, and leasing agents are looking for a new tenant to fill the space. The cafe at 2604 J St. will have its final day on July 14, representatives from Starbucks (Nasdaq: SBUX) confirmed in an email to the Business Journal. “As part of Starbucks standard course of business, we continually evaluate our business to ensure a healthy store portfolio,” the company said in a written statement.
Midtown Restaurant Space Listed for Lease After Sandwich Shop Closes
One of the Sacramento area’s Which Wich locations has closed, leaving a restaurant vacancy in midtown. The Dallas-based sandwich franchise entered the area in 2016, with a location at 1020 16th St. It was in the o1 Lofts Midtown project, which includes lofts and ground-floor retail space. The other retail tenants are Starbucks and Pieology Pizzeria. Which Wich on 16th Street is now closed. Paper covered the windows on Wednesday and the eatery’s phone number was disconnected.
Observers Bullish on Opportunity Zone Prospects Locally
With opportunity zone designations in key areas and a perception as a city on the rise, Sacramento could be an attractive estination for investors looking to take advantage of tax breaks, according to local experts. In particular, much of downtown Sacramento is within an opportunity zone, while also seeing ongoing interest in new residential and retail projects. Ken Turton, of Turton Commercial Real Estate, said developers will hesitate on many kinds of projects with only a 6% to 7% yield.
5 Things to Know, and some Bittersweet Chocolate News
The operators of the locally owned Blabbermouth Chocolates in Lincoln are retiring, according to a Facebook announcementon Monday. They said their lease for a space at 448 Lincoln Blvd., Suite 203, will expire June 30. “After weighing the sides we thought it was probably time to go,” the Facebook post says. Discounts begin today. Blabbermouth Chocolates sells products such as truffles, peanut brittle and chocolate bars. The business was founded in 2013 by Darlene and Gary Kramer.
Addition of VSP Global puts The Cannery at 97% Occupancy
VSP Global will triple the space for its innovation center with a move later this year to The Cannery in Sacramento. At 1651 Alhambra Blvd., VSP will occupy 16,200 square feet, a sizable jump from the 5,000-square-foot space it’s occupied since 2013 at 1616/1630 I St. in midtown Sacramento. “The new space in The Cannery affords more square footage, modern tooling, and discrete areas for work and large-scale meetings,” VSP Global spokesman Jon Schuller said in an email.
Midtown Corner Building Sold For Likely Redevelopment
A building on a busy corner in midtown Sacramento has sold, in what could be the first step toward redevelopment. The new owner of 2201 J St. is considering both reuse of the existing 5,370-square-foot building and developing something else there, said Ken Turton of Turton Commercial Real Estate, a broker on the sale of the building. “You could easily put up a three-story residential building with retail,” Turton said.
Q19 Project in Midtown Sold for $26.8 Million
A sale that closed within the last week represents another high-water mark for multifamily investment in Sacramento’s central city. Bay Area-based Woodmont Cos. acquired Q19, an apartment and retail project in midtown, for $26.8 million, according to brokers on the deal. One of those brokers, Ken Turton of Turton Commercial Real Estate, said Q19 set a per-square-foot record of $580, for a project of 68 apartments and 1,985 square feet of retail space.