Shopoff Realty Investments has recently completed the sale of a 9.25-acre property in Sacramento’s Midtown submarket to Beazer Homes for $9.8 million. The site, which was previously used as a parking lot for the Sacramento Bee newspaper’s former office and production facility, is now entitled by the city of Sacramento for 48 multi-unit dwellings spread across eight three-story townhome buildings.
The transaction was facilitated by Province West on behalf of Shopoff Realty Investments. In 2017, Shopoff purchased the property as part of a sale-leaseback agreement with McClatchy Companies. However, when McClatchy filed for bankruptcy in 2020 and relocated its headquarters and printing operations, Shopoff shifted their focus towards selling or entitling different portions of the site.
According to Bill Shopoff, president and CEO of Shopoff Realty Investments: “When we acquired this property from McClatchy Companies with an existing leaseback arrangement in place, we saw it as an opportunity to generate income while also recognizing its potential for future development.” Since then, they have successfully sold off various parts such as a daycare building,fleet building,c ell tower,parking easement,and another parking lot located at21stand Q street.The only remaining portion is the main facility building which is currently being entitled by Shopoff Realty Investments into121 townhomes.
This divestment marks another successful venture by Connect CRE , demonstrating their expertise in identifying profitable opportunities within prime locations like Midtown Sacramento.
