Historic California Office Sells for $20M
- Oct 03, 2019
Fox Creek Fund has purchased a 140,908-square-foot historic office building in Sacramento, Calif., for $20 million. JLL represented the seller, UC Regent, and procured the buyer in the transaction. JLL was also appointed as the leasing agent.
Located at 1130 K St., the office property is situated within the Government Affairs district, in the heart of Sacramento. The area offers access to several amenities, including restaurants, cafés, hotels and entertainment options. In addition to that, the office asset is located within an Opportunity Zone established through the Federal Tax Reform passed in 2017.
Originally constructed in 1924, the historic building served as a retail facility until 1975, when it was converted into an office. In 1982, the property underwent cosmetic renovations, according to Yardi Matrix data. The four-story building occupies less than one acres and features floor plates ranging between 28,000 and 28,900 square feet. The asset is 30 percent leased to a mix of tenants, including UC Regent.
JLL’s brokerage team included Senior Vice Presidents Erik Hanson, Cheri Pierce and Kristina Wollan, Managing Directors Rob Hielscher and Michel Seifer and Associate Nick Deaver.