Downtown Sacramento Office Gem Hits Market
JLL Capital Markets handles sealed bid auction of one of the Capitol's first Qualified Opportunity Zone assets to come to market
The sale is being conducted via a sealed bid auction with all bids due to JLL by Wednesday, June 19, 2019. (For more information, see here (https://my.rcm1.com/
Built in 1924, 1130 K Street was originally the flagship store of Sacramento-based department store chain Weinstock's. Located along Sacramento's paramount urban boulevard, lined with restaurants and shops, it served as the epicenter of Sacramento through the '30s, '40s, and '50s. The '70s brought a flight to the suburbs and when Weinstock's relocated, the asset was converted to office use and a mezzanine story added.
Today, Sacramento's urban core is regaining its vibrancy through an influx of residents choosing to live along the tree-lined residential neighborhoods and enjoying the burgeoning commercial and entertainment districts. Development of the Golden 1 Center, home of the Sacramento Kings, and The Kay, the former K Street Mall, has injected new vitality into K Street, increasing foot traffic and stimulating economic activity. K Street Corridor's inclusion into the 2017 Qualified Opportunity Zone legislation provides tax incentives to draw long-term investment for continued investment and development.
"This is an exceptionally well-placed asset and a tremendous opportunity for investors looking to capitalize of the strength of Sacramento's downtown office market," said Erik Hanson of JLL. "1130 K has the potential to be redeveloped and positioned as one of the Capitol's premier creative office locations," he added.
With the building currently 31.2 percent leased, this provides investors with an opportunity to renovate and reposition the building for creative users as well as lobbyists, law firms, nonprofits and other ancillary users requiring a presence close to the Capitol.
Acknowledged as one of the top metro areas in the country for inflow of residents from the San Francisco Bay Area, Sacramento is also experiencing strong business growth. JLL is currently tracking more than 3.5 million square feet of tenant demand in the city.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm's 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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In Northern California, JLL is a market leader employing more than 1,200 of the Bay Area super-region's most recognized and technologically-
In addition, JLL provides property and facility management services to landlords and corporate users --and capital markets and multifamily investment expertise to major institutional investors. JLL also offers ground up development services, as well as related services within the real estate leasing, investment and management process to major landlords.
JLL's Northern California organization is proud of its culture (for the last several years it has been named among the region's Best Places to Work) as well as its work for clients. Its Northern California real estate experts are regularly recognized for their work in some of the region's largest and most significant real estate transactions. In 2019, JLL Northern California won the JLL Cup, cementing its position as one of the most dynamic regions in the Americas.
JLL has offices in San Francisco, Menlo Park, Oakland, Walnut Creek, San Rafael and Sacramento. Learn more at www.us.jll.com/
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