Shopoff Realty Investments (“Shopoff”), a national manager of opportunistic and value-add real estate 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. Shopoff recently secured entitlements for the property 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.
Shopoff purchased the Sacramento Bee property as a sale-leaseback to McClatchy Companies in 2017. McClatchy subsequently filed for bankruptcy in 2020 and relocated their headquarters and printing operations, vacating the property mid-2021. 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,” explained Shopoff Realty Investments President and Chief Executive Officer Bill Shopoff. “Over the last three years we have been able to find appropriate buyers for the individual lots that make up this unique property, and have worked closely with the city on re-entitling portions of the property, like this former parking lot, for residential.”
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 33-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets, and development projects. The 33-year history includes operating as Asset Recovery Fund, Eastbridge Partners, and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses.
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