660 J Street in Sacramento trades to opportunity zone buyer
JLL Capital Markets led the sale and financing efforts of the creative office building, which anchors the Sacramento Downtown Commons (“DOCO”) entertainment complex
SAN FRANCISCO, September 8, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of 660 J Street, a 124,471-square-foot creative office and retail property anchoring Sacramento’s DOCO entertainment and lifestyle district.
JLL’s Investment Advisory team represented the seller, a joint venture between the Sacramento Kings and JMA Ventures LLC, in its sale to the buyer, RevOZ Capital, a southern California-based opportunity zone buyer. Additionally, JLL’s Finance team secured acquisition financing on behalf of the buyer.
660 J Street is currently undergoing a redevelopment, and when completed in 2021, will be the area’s best-in-class creative office property. The four-story building will feature a brilliant glass curtainwall, a rooftop patio, flexible floorplates and vibrant street-level retail. Located at the corner of 7th and J Streets, 660 J Street is a cornerstone of the DOCO District and is just steps from Golden 1 Center, the Kimpton Sawyer hotel and an array of restaurants and experiential retailers.
Rob Hielscher, Erik Hanson, Michel Seifer, Michael Manas and Cheri Pierce of JLL Capital Markets represented the sellers, while financing efforts were led by Jeff Sause and Jordan Angel.
“Sacramento is California’s top growth city and is one of only a few in the state that has seen strong positive migration in recent years,” Hielscher said. “660 J Street is a key component of the highly successful DOCO District of downtown Sacramento. It will be exciting to see the transformation of the building into one of the most high-end, mixed-use assets in the market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JMA Ventures LLC
JMA is a full-service investment and development firm focusing on real estate and leisure-lifestyle assets. The firm works on every project scope from concept and entitlement through completion and operation. For more information, please visit: jmaventuresllc.com.
About RevOZ Capital
RevOZ Capital facilitates the revitalization of federally sanctioned Opportunity Zones by providing co-investment capital to qualified developers of institutional quality projects. RevOZ’s unique approach is a product of the founders’ deep experience in urban redevelopment, capital markets and decades of cycle-tested commercial real estate experience. To learn more, visit revozcapital.com.