Downtown Sacramento Restaurant Space at 1000 K St. Listed for Lease

A restaurant space in the heart of Downtown Sacramento’s K Street is for lease. The 7,739-square-foot space is being leased by Scott Kingston and Patrick Stelmach of Turton Commercial Real Estate. Even though restaurants are currently closed for inside dining due to the Covid-19 pandemic, Kingston said the space still presents some options. “It’s a very cool space,” Kingston said. He said a new tenant could reopen it as a new bar and restaurant, which only offered outdoor dining for the time being. But a new tenant could also just use part of the space as a ghost kitchen, which prepares food for to-go orders only. The bar area could be split off as a separate space. “We could definitely just convert the kitchen into a stand-alone space,” Kingston said.

Tea Shop Planned on K Street in Downtown Sacramento

This fall, that might change, when The Karmic Leaf will open in 1,625 square feet at 1131 K St. The location, facing 12th Street, was previously an Edible Arrangements location. In addition to every amalgamation and combination of teas imaginable, The Karmic Leaf will also have vegan food offerings such as salads and entrees with faux chicken, he said. “I want to create a space where people can come post-Covid, or post-pandemic, and feel safe,” he said. “They’ll know that they’re drinking something good and good for them.” Scott Kingston and Patrick Stelmach from Turton Commercial Real Estate brokered the lease for The Karmic Leaf on behalf of the landlord.

Commercial Real Estate’s Bumpy Adjustment

Like many businesses, there are practices and customs in commercial real estate that make the industry flow. With the Covid-19 pandemic, all those customs are at the moment either partially or wholly out the window. There’s not many business lunches happening when restaurants aren’t doing in-house service. Tours mean gatherings of strangers, a no-no when we’re supposed to be practicing social distancing and working from home. Brokers in the Sacramento area said they are in an adjustment period right now, still working to find new building tenants and owners, even as the economy sinks into a recession with pandemic shutdown orders. Another broker who heads a boutique commercial real estate brokerage in Midtown Sacramento said he expects more client meetings to become virtual as well. Videoconferencing apps such as Zoom and Microsoft Teams have become increasingly commonplace, said Ken Turton, of Turton Commercial Real Estate.

Retail Building Near R Street Sold for $2.25 Million

The R Street Corridor was still an emerging area of Sacramento when Dollar Tree opened at 1235 S St. nearly a decade ago, in 2011. Since then, the area has become one of Sacramento’s hottest redevelopment areas, but Dollar Tree (Nasdaq: DLTR) appears likely to remain, after its building sold this week for $2.25 million. Ken Turton, of Turton Commercial Real Estate, said the deal shows how neighborhood-serving stores still maintain an appeal during the COVID-19 pandemic. According to Turton, the sellers are investors who are looking to retire soon. In addition to Turton, Scott Kingston and Jon Lang of Turton Commercial helped broker the sale, which closed Tuesday.

Published on April 16, 2020

Commercial Brokers Say Coronavirus Not Having a Big Impact – Yet

If the coronavirus’ effects on everyday life are a wave headed for the economy, so far it’s not washing up much on the shores of commercial real estate. Brokers and managers at three Sacramento brokerage offices said the effect is muted, though they said it’s also likely to change. But otherwise, brokers said, the fallout is harder to see. Ken Turton, of Turton Commercial Real Estate, said landlords of businesses tied to consumer spending, like restaurants, may start to notice tenant issues if people eat out less often to avoid potential COVID-19 infection. “We’re a service-based economy, and you have people no longer going to services,” he said.

Merryhill School Site in Midtown Sold for $14.5 Million

One of Sacramento’s oldest school properties has a new owner. Originally known as Newton Booth School, the full-square-block property at 2600 V St. near Midtown Sacramento sold for $14.5 million in February, according to property records. Turton Commercial Real Estate brokered the sale, after the property was listed and then taken off the market in recent years. Brokers with Turton said they couldn’t discuss the transaction.

Developer Couple Selling Midtown Building After 2019 Purchase

Less than a year after developer-builder couple Katherine Bardis-Miry and Bay Miry bought a half-block property in Midtown Sacramento, they’re moving to sell it. Turton Commercial Real Estate is listing 1725 23rd St. for $10.825 million, including a 38,400-square-foot building leased by two state of California agencies. Scott Kingston, a broker for the listing, said the couple originally bought 1725 23rd St. to place money from sales of properties elsewhere. Property records show Bardis & Miry Development Inc. bought the property at 23rd and R streets last April for $7.82 million.

Local Restaurant Signs On for Press Building in Midtown

An Elk Grove restaurant known for its soup dumplings is expanding to Midtown Sacramento. The locally owned Journey to the Dumpling will fill about 3,500 square feet in the Press Building, said Aaron Marchand, a Turton Commercial Real Estate broker who is handling leasing for the apartment and retail project at 21st and Q streets. The restaurant could open around the end of the year, he said.

With Spaces Tight, Older Office Buildings Getting New Life

Tenant representatives, brokers and the companies themselves say it’s not unusual during a typical economic cycle. But what is notable is rather than seeing new buildings go up to feed off demand, older buildings are getting investment to make them more attractive for those firms beating the bushes. “There’s a pretty limited opportunity to be a market differentiator,” said Aaron Marchand, a vice president at Turton Commercial Real Estate, as he led a tour through one of the buildings trying to be just that.

Cambria Solutions Uses New Downtown Location as Recruiting Tool

Technology firm Cambria Solutions is settling into its sleek new Sacramento office space at Eighth and K streets, a site that underwent a dramatic renovation. The ground floor of the office building features about 3,600 square feet of space available for either one large or two smaller restaurant tenants, or it could be some other retail use, Rodriguez said. That space is being marketed by Turton Commercial Real Estate.