Opportunity knocks once more for Sacramento investors
JLL Capital Markets offers 660 J Street, WeWork’s flagship Capitol location, for sale
SACRAMENTO CA, July 23, 2019 – JLL Bay Area Capital markets experts are offering for sale 660 J Street, a four-story creative office and retail building close to the Golden1 Center in the heart of Sacramento’s Downtown Commons (DOCO) submarket. The 124,471 square foot property is within one of the city’s Qualified Opportunity Zones, providing potential capital gains tax benefits for qualifying investors.
The entire office portion of 660 J Street, totaling more than 96,000 square feet, was recently leased to WeWork, making the building the coworking giant’s flagship presence in the Sacramento market. The successful buyer would be responsible for funding and completing a planned renovation of the property, including tenant improvement costs for the office and retail space. WeWork’s lease is anticipated to commence around December 2020.
“This asset has an ideal Opportunity Zone investment profile with the ability for an investor or investors to deploy capital to complete the renovation of the building and prepare it for occupancy by WeWork, which has already signed a long-term lease,” said Erik Hanson of JLL.
Built in 1984, the building is currently owned by a joint venture between the Sacramento Kings and JMA Ventures, developers of Downtown Commons. 660 J is situated next to Golden 1 Center, home of the NBA’s Sacramento Kings and near to the 250-room Kimpton Sawyer Hotel. DOCO boasts 1,000,000 square feet of experiential retail and there are more than 12,000 residential units in the development pipeline in the surrounding area.
Sacramento is widely regarded as California’s fastest growing large city and is the #2 metro area in the country for population inflow from the Bay Area. The city has a current population of 500,000 with a daytime population of more than 100,000. JLL is currently tracking more than 3.5 million square feet of tenant demand in the city.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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In Northern California, JLL is a market leader employing more than 1,200 of the Bay Area super-region’s most recognized and technologically-adept industry experts. The firm offers a broad range of services in the region including office, industrial/logistics, retail, healthcare and data center brokerage and provides tenant representation to many of the area’s largest employers and most dynamic technology start ups.
In addition, JLL provides property and facility management services to landlords and corporate users --and capital markets and multifamily investment expertise to major institutional investors. JLL also offers ground up development services, as well as related services within the real estate leasing, investment and management process to major landlords.
JLL’s Northern California organization is proud of its culture (for the last several years it has been named among the region’s Best Places to Work) as well as its work for clients. Its Northern California real estate experts are regularly recognized for their work in some of the region’s largest and most significant real estate transactions. In 2019, JLL Northern California won the JLL Cup, cementing its position as one of the most dynamic regions in the Americas.
JLL has offices in San Francisco, Menlo Park, Oakland, Walnut Creek, San Rafael and Sacramento. Learn more at www.us.jll.com/en/locations/west
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: https://www.us.jll.com/en/newsroom.
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 over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.