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

Vacant Capitol Mall property hits the market

Turton Commercial Real Estate began marketing this week for 301 Capitol Mall in Downtown Sacramento, a full city block of 2.39 acres.

“There’s no more valuable piece of real estate than that,” said Turton Commercial CEO Ken Turton, citing its prominence, location and scarcity.

Those expressing interest envisioned a project of either strictly multifamily or multifamily/hospitality, both with a retail component, he said. That’s a shift from what’s been proposed for the site over the last decade: high-rise office towers with a smattering of residential and retail space.

Source: Sacramento Business Journal

Pazza Notte restaurant planned for former Buckhorn space in Midtown

Pazza Notte has a location in Manhattan that opened in 2000. The restaurant’s recipes are inspired by Italian and American comfort food. Nord is planning to fill a site at 1801 L St. in Sacramento, a 2,891-square-foot space formerly occupied by the Buckhorn restaurant chain. The restaurant will feature a brick oven and has three outdoor patio spaces that provide for outdoor dining options. Nord said the Midtown neighborhood was perfect for the concept.

Turton Commercial Real Estate represented both the landlord, SKK Developments, and the tenant in the deal. “The moment I met Tove and Carlo I knew they would become a tremendous success and a fixture of Midtown’s restaurant scene,” said Scott Kingston, senior vice president with Turton Commercial, in a news release.

Source: Sacramento Business Journal

Legal challenges over, Trackside Center in Davis up for sale

Trackside Center would be a four-story, 56,881-square-foot building, with 27 apartments and 7,320 square feet of ground-floor retail space. The listing brochure, from Turton Commercial Real Estate, notes the project could be developed as condos if a buyer decided to go that route.

Turton Commercial Senior Vice President Scott Kingston, one of the listing brokers, said a buyer would get a ready-to-go project in a city with both consistently high demand for housing and a high barrier to producing it.

Source: Sacramento Business Journal

D&S plans big new Midtown project – but not right away

The Sacramento-based infill developer doesn’t own, yet, all of the parcels for the proposed K21 project, which would have 296 apartments above 8,000 square feet of commercial space on the northwest corner of 21st and K streets in Midtown.

According to the application, K21 would be an eight-story, 250,595-square-foot building with 233 studio units, 50 one-bedroom units and 13 two-bedroom units. Sizes would range from 410 square feet for studios to 986 square feet for the two-bedroom apartments.

Ground-floor space would be 8,000 square feet and is described as “sales” in the application, indicating a store rather than a bar or restaurant, for example, as found in many similar projects. However, the plans show that square footage split between eight smaller spaces, most of them around 900 square feet each.

Ken Turton of Turton Commercial Real Estate, which brokered the sales of 1020 21st and 2015 K St., said at the time that 2025 K St. is going to be sold as well, but with a long escrow. The application notes the separate ownership for that parcel.

Source: Sacramento Business Journal

MARRS building in Midtown listed for sale

The MARRS building, a two-story adaptive reuse project of retail and office space, is being listed by Turton Commercial Real Estate for $21.75 million. “Everything we think about Midtown is embodied in MARRS,” said Ken Turton, whose boutique commercial brokerage was in the building on 20th and K’s northwest corner from 2010 to 2014.

Turton said retail space in the building, including some currently available, is always hotly sought after. But Heller Pacific President Mike Heller and project partner Mark Friedman want tenants who both complement the others and provide something unique, Turton said.

Source: Sacramento Business Journal