Lot X - a once in a decade development opportunity on Capitol Mall
Lot Size: 2.56 acres
Lease or Sale: Sale
Sale Price: $17,000,000
Call for Offers: Offers are due by June 1, 2021
The primary goal is to sell the properties for the highest and best use while simultaneously achieving the highest possible price. Seller is interested in a Buyer who will build an exciting, attractive project that activates this important location. The project should be completed in accordance with a mutually agreeable timeline. Ideal projects will include multi-family housing but office, mixed-use developments will also be considered. Prospective buyers will be provided a Term Sheet Template along with due diligence information from Seller upon written request.
Term Sheets will include:
- Purchase Price
- Initial Deposit ($100,000)
- Investigation Contingency Period
- Finance Contingency Period (if any)
- Any additional contingencies
- Additional Deposit upon waiver of contingencies
- Project Description
- Estimated Timeline for process and completion
- Proof of Funds and Loan Commitment (if lending is required)
- Resume of Buyer and Development Team
JLL & Turton Commercial Real Estate are excited to bring to market, Lot X: The largest undeveloped assemblage of prime real estate at Main and Main in Downtown, Sacramento.
Lot X consists of three contiguous parcels with parking income on 181 stalls. The Property is located at the gateway to Capitol Mall, Sacramento’s most prestigious office address. This highly coveted location presents maximum zoning flexibility for many uses, including high density office, residential, or hotel with the option to develop the Property in phases. Capitol Mall accounts for nearly one-third of the region’s Class A office buildings and is home to many top-tier trophy assets that garner the highest rents and occupancy rates in the Central Business District.
Lot X has unmatched access to West Sacramento’s rapidly developing waterfront and Downtown’s established anchors: Capitol Mall, DOCO, Kimpton Sawyer Hotel, and Golden 1 Center. Golden 1 Center is Sacramento’s award-winning sports and entertainment complex, home to the Sacramento Kings.
Sacramento is California’s capital city and is the fastest-growing major city in the State. Lot X lies only 90 miles from San Francisco and Lake Tahoe, making it uniquely positioned within the city and at the state level. Lot X is at the intersection of business, modern housing and culture – take advantage of a burgeoning city in an established market.
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