Opportunity knocks once more for Sacramento investors
JLL Capital Markets offers 660 J Street, WeWork's flagship Capitol location, for sale
The entire office portion of 660 J Street, totaling more than 96,000 square feet, was recently leased to WeWork, making the building the coworking giant's flagship presence in the Sacramento market. The successful buyer would be responsible for funding and completing a planned renovation of the property, including tenant improvement costs for the office and retail space. WeWork's lease is anticipated to commence around December 2020.
"This asset has an ideal Opportunity Zone investment profile with the ability for an investor or investors to deploy capital to complete the renovation of the building and prepare it for occupancy by WeWork, which has already signed a long-term lease," said Erik Hanson of JLL.
Built in 1984, the building is currently owned by a joint venture between the Sacramento Kings and JMA Ventures, developers of Downtown Commons. 660 J is situated next to Golden 1 Center, home of the NBA's Sacramento Kings and near to the 250-room Kimpton Sawyer Hotel. DOCO boasts 1,000,000 square feet of experiential retail and there are more than 12,000 residential units in the development pipeline in the surrounding area.
Sacramento is widely regarded as California's fastest growing large city and is the #2 metro area in the country for population inflow from the Bay Area. The city has a current population of 500,000 with a daytime population of more than 100,000. 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. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, please visit The Investor (http://www.theinvestor.jll), an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
Gallen Neilly Amaral