Indie Capital Plans Broadway Project of Housing, Retail

Indie Capital broke ground on 10 apartments + ground-floor retail space on Broadway corridor. John Mudgett with Turton CRE facilitated the acquisition of the site for them in 2017.

Midtown Association Adds Blocks on 16th Street

By one measure, Midtown Sacramento is getting a little bigger.

As of next year, the Midtown Association is adding five blocks on the north end of 16th Street, expanding its scope as far as C Street.

Though the additions give the association a footprint of over 100 city blocks, Baime Michaels said, she’s not concerned about spreading too thin. Different areas need slightly different kinds of assistance, even if the same basic services are offered to all.

Fulcrum Exploring Office Development in Bridge District

With about 400 residential units nearly finished, the developer for West Sacramento’s Bridge District is contemplating other kinds of projects for future phases.

Though the next project, in 2021, will likely be a residential/retail project immediately south of The Barn, the firm is also marketing three potential sites for office developments of various sizes. Depending on their needs, said Fulcrum Chief Investment Officer Randy Koss, the sites could become home to office buildings for several tenants, or a landing spot for a firm eventually seeking a full campus.

“We really have the ability to hit any type of office user,” Koss said. “We’re always talking to people.”

Full-block River District Property for Sale

A redeveloping area north of Downtown Sacramento has another big property listed for sale. Turton Commercial Real Estate is listing a full city block at 200 N. 16th St., which is 4.29 acres with up to 85,000 square feet of existing, rentable space. The asking price is $4.99 million. John Mudgett, a vice president with Turton, said the property could go several directions, depending on the buyer. One would be what it’s suited for now: an industrial use with extensive dock space and single-story buildings of wood and masonry. But the unique architectural features — the building dates to 1925, Mudgett said — also lend themselves to creative new uses.

Five-story Project Planned by SKK for 16th & J in Midtown

SKK Developments has applied for a 73-unit project with ground-floor retail at 925 16th St., the northeast corner of 16th and J streets and across from Sacramento Memorial Auditorium. According to the application, the project would have 19 studios, 41 one-bedroom and 13 two-bedroom units. Sizes would range from 452 to 1,158 square feet, with a total project size of 68,918 square feet.

Brokers with Turton Commercial Real Estate indicated on Twitter they’re assisting SKK in formally acquiring the property.

Project Homekey

Sutter County will buy motel with CARES Act funding, give it to non-profit for affordable housing targeting homeless individuals.

“This is not a homeless ‘shelter’,” CAO Smith pointed out when the Board of Supervisors voted 5-0 on August 11 to submit the grant application to the California Department of Housing. “This will be affordable housing targeting those with a history of homelessness operated by an agency whose mission is to house people.”

Midtown Office Building, Fully Leased, Sells for $2.15 Million

Before office building 2830 G St. in Midtown Sacramento closed escrow this month, it had to overcome a whole lot of hurdles.

Broker John Mudgett of Turton Commercial Real Estate can tick them off: a lockdown stemming from the Covid-19 pandemic, a stock market crash for the same reason, then an eviction moratorium on commercial tenants and a request for a price reduction and more from the eventual buyer. Mudgett and Patrick Stelmach of Turton Commercial worked on behalf of the buyer. Randy Brekke of Brekke Commercial Real Estate represented the seller.

Local Condo Market Struggles Amid Covid-19 and Other Market Factors

Even in a good market, condos have a reputation as a risky asset to develop. They generally rely on 1) fairly well-heeled buyers who 2) have specific reasons for not wanting a single-family home and 3) also won’t race to an attorney’s office if a construction defect pops up.

But within the last few weeks, another indicator: The “Penthomes” at infill project Mill at Broadway are likely to become rental apartments instead. Scott Kingston of Turton Commercial Real Estate, which has the listing, said that though the 12 units in two buildings are being sold empty, it’s more likely an investor would buy them to rent than to buy.

Condos in Mill at Broadway Marketed as Rental Sale

Most of the housing in the urban infill project Mill at Broadway has been for ownership, but the developers appear to be pivoting.

Turton Commercial Real Estate is marketing two recently completed condominium buildings called “Penthomes” within the Sacramento project south of Broadway for sale. Company officials, however, expect the primary investor interest will see them as rental properties instead.

Potential Development Property in West Sacramento Listed for Sale for $3.75 Million

A property with development potential in a growing part of West Sacramento is on the market. Scott Kingston, Ken Turton and Patrick Stelmach of Turton Commercial Real Estate listed the property at 316-330 Third St. last week for $3.75 million. The property includes mixed-used, multifamily and single residences on 1.026 acres. It is the site of a recently restored adaptive reuse commercial and residential building that that has tenants including Edible Pedal Bike Shop, Devil May Care Ice Cream & Frozen Treats and La Crosta Pizza Bar. The building has two apartments above it, and the site also includes four single-family houses. There is also 16,500 square feet of vacant land behind the commercial building.