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A new music venue in Midtown Sacramento just opened, and a recent sale nearby suggests some speculative investment for the future.
A new music venue in Midtown Sacramento just opened, and a recent sale nearby suggests some speculative investment for the future.
Turton Commercial Real Estate announced the recent sale of 1819 23rd St./2311 S St. to TTFF Properties LLC, which is based in a nearby property.
„We positioned it for potential sale to a developer, but this was the buyer that made the most sense,“ said Turton Commercial Senior Director David Khedry, who worked with Ken Turton on behalf of the seller in the deal.
TTFF Properties‘ address is the same as Fischer Tile & Marble Inc., at 1800 23rd St. A message left at the company wasn’t returned. The purchase price was $2.15 million.
The sold property is 25,600 square feet with about 13,500 square feet of buildings on it, Khedry said. The larger of the the two buildings is warehouse space with artist and maker tenants, while the smaller is about 2,000 square feet housing a salon called The Banyan Tree, he said.
For now, the new owner is planning to use the warehouse for storage, Khedry said. But a block to the northeast, new events venue Channel 24 is going to bring more people into the neighborhood, likely spiking future interest in surrounding properties, he added.
„I think it’ll be a benefit to all of Midtown and definitely that neighborhood,“ Khedry said of Channel 24, which opened Thursday. „As far as future plans, if that idea to develop comes, there would be a lot of synergy.“
Turton Commercial’s marketing brochure for 1819 23rd/2311 S notes the city’s 2040 General Plan update would make getting entitlements for a future residential project, or one with a mix of uses, easier to cinch.
A new owner could collect rents on the spaces in the meantime, the brochure also states.
Sales records list Mencarini Riccardo Trustee as the seller; records indicate that entity or a related one had owned the property since at least the early 1990s. A message left at a phone number for the owner on commercial real estate information site Reonomy was not returned Thursday.
Brokers Bud Applegate of Applegate Properties and Spencer Applegate of Colliers worked on behalf of the buyer in the deal.
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Property near Channel 24 sold in sign of interest in new part of Midtown – The Business Journals
