1303 J Street

OPPORTUNITY

The building is a well-maintained and institutionally owned Class A/B property located in the heart of downtown Sacramento. Through industry relationships, Ownership made an off-market attempt to purchase the property knowing that the seller was considering trading the asset in the near term.  Although the seller elected to use a full marketing process, the previous attempts to buy the property off-market put Ownership at a competitive advantage to other buyers, eventually resulting in a successful transaction.

EXECUTION

Ownership implemented a façade and lobby refresh and managed near-term tenant turnover through deep local broker and tenant relationships.  2nd generation office space was converted to open ceiling creative space and rents have increased 25% since acquisition.

ADDRESS

1303 J Street, Sacramento CA

PROJECT SIZE

73,000 Square Feet

PROPERTY TYPE

Value-Add/Core Office

ACQUIRED

July 2017

STATUS

Hold