California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Shopoff Divests Former Sacramento Bee Parking Lot to Homebuilder
Shopoff Realty Investments has sold a 9.25-acre former parking lot to Beazer Homes for $9.8 million. Located in the Midtown submarket of Sacramento, the property was once a parking lot for the Sacramento Bee newspaper’s former office and production facility.
The property is now entitled with the city of Sacramento for 48 multi-unit dwellings within eight, three-story townhome buildings. Shopoff was represented by Province West in the sale.
The Sacramento Bee property was purchased in 2017 as a sale-leaseback to McClatchy Companies. McClatchy subsequently filed for bankruptcy in 2020 and relocated its headquarters and printing operations. Shopoff then pivoted and began to sell and/or entitle the various portions of the site.
“When we purchased the Sacramento Bee building, we were pleased to be able to lease the building back to McClatchy and generate income, but we knew the property and its prime midtown location offered extensive opportunities for future improvement and redevelopment,” said Shopoff president and CEO Bill Shopoff.
To date, Shopoff has sold the property’s daycare building, fleet building, cell tower, a parking easement and an additional parking lot on 21st and Q street. The only remaining portion of the property is the former main facility building, which Shopoff is currently in the process of entitling for 121 townhomes.
- ◦Sale/Acquisition
