JLL closes sale of landmark office building in Sacramento
1130 K Street is positioned in a designated Qualified Opportunity Zone
SAN FRANCISCO, October 1, 2019 – JLL announced today that it has closed the approximately $20 million sale of 1130 K Street, a historic landmark office building totaling 140,908 square feet in Sacramento, California.
JLL marketed the property on behalf of the seller, UC Regents, and procured the undisclosed buyer.
Constructed in 1924 as the original Weinstock’s department store, 1130 K Street features a Romanesque four-story high arched entranceway and a half-dome colonnade window line spanning the fourth floor. The property is approximately 30% leased to a variety of public and private tenants with the largest tenant being UC Regents. Located within Sacramento’s vibrant Government Affairs District,1130 K Street is proximate to the State Capitol as well as a myriad of amenities, including restaurants, cafes, hotels and entertainment venues located along K Street or in the Kay District. Additionally, the historic property is only four blocks from the growing Arena District that is home to Golden 1 Center, DOCO and numerous new residential units either planned or under construction. 1130 K Street is positioned within a designated Qualified Opportunity Zone, established as part of the Federal Tax Reform passed in 2017.
The JLL Capital Markets team representing the seller was led by Erik Hanson, Rob Hielscher, Michel Seifer, Cheri Pierce, Kristina Wollan and Nick Deaver.
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.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About UC Regents
The University of California Regents comprises eight standing committees and two special committees overseeing Academic and Student Affairs, Compliance and Audit, Finance and Capital Strategies, Governance, Health Services, Investments, National Laboratories and Public Engagement and Development as well as the special committees on basic needs and nominations.