Shopoff Realty Investments announced its sale of a 9.25-acre former parking lot in Sacramento to Beazer Homes for $9.8 million.
Located in the Midtown submarket of the California capital, the property was once a parking lot for the Sacramento Bee newspaper’s former office and production facility. Shopoff purchased the Sacramento Bee property as a sale-leaseback to McClatchy Companies in 2017. McClatchy filed for bankruptcy in 2020 and relocated their headquarters and printing operations, vacating the property mid-2021. Shopoff then began to sell and/or entitle the various portions of the site.
Shopoff stated it secured entitlements for the property with the city of Sacramento for 48 multi-unit dwellings within eight, three-story townhome buildings. Shopoff was represented by Province West in the sale.
“When we purchased the Sacramento Bee building, we were pleased to be able to lease the building back to McClatchy and generate income, but we knew the property and its prime midtown location offered extensive opportunities for future improvement and redevelopment,” said Shopoff Realty Investments President and CEO Bill Shopoff. “Over the last three years we have been able to find appropriate buyers for the individual lots that make up this unique property and have worked closely with the city on re-entitling portions of the property, like this former parking lot, for residential.”
To date, Shopoff has sold the property’s daycare building, fleet building, cell tower, a parking easement, and an additional parking lot on 21st and Q Street. The only remaining portion of the property is the former main facility building, which Shopoff is currently in the process of entitling for 121 townhomes. The firm plans to secure entitlements and complete the sale of the building in the second quarter.
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