As a result of the new arena going in, there is an anticipation of tremendous related development and the first bit of it is this recent purchase of a whole city block, as reported by the Sacramento Bee.
A group of local buyers closed escrow Tuesday on 555 Capitol Mall, a major downtown office property that occupies an entire city block near the planned Sacramento Kings basketball arena.
The 380,000-square-foot property includes two connected office towers, topping out at 14 stories, with retail and restaurant space on the ground floors. A 791-space parking garage in back is across L Street from the planned arena site.
Tenants include a number of law and accounting firms. But the building is only about 60 percent occupied, according to the new owners.
The buyer, Trinity Pacific Partners, is made up of Sacramento-area firms Buzz Oates LLC, AM Investors and Rubicon Partners. The same group renovated the Forum Building at Ninth and K streets and the Citizen Hotel at 10th and J streets.
The sellers are members of families that originally developed the Modernist-style property in the early 1970s, said Dan Corfee, with AM Investors. He declined to disclose the purchase price; it was not immediately available from public records.
Corfee said the new owners plan to renovate the half-empty office towers and fill them with tenants, including street-level retail and services that tie into the arena.
Retrieved August 20, 2014 from http://www.sacbee.com/2014/08/19/6640097/whole-city-block-across-from-planned.html