6420 46th Street Apartments (South Sacramento) – 14 units sold in 3 weeks
Almost three years ago an Australian investor acquired 6420 46th Street (14 unit apartments) in South Sacramento “site unseen” for $875,000 ($62,500 per unit / $70 per square foot). The property, built in 1990, was in good condition at the time of sale, but had been managed by a local owner for the previous nine years. Due to the hands on approach, average length of tenant occupancy was around four years at the time of sale (Nov 2011) and the landlord had been able to collect rents fairly well. The new, absentee owner, tried to manage the property from afar with local family assistance and quickly ran into trouble during the first six months. It was readily apparent that a professional management company needed to be called in to right the ship.
Click here for related article by the Sacramento Business Journal.
Locally owned Armstrong Plumbing has faithfully served Sacramento commercial and residential customers for 50 years. What better way to celebrate its golden anniversary than by acquiring its very own commercial building. The new facility, at 2551 Albatross Way, is only 1/3 mile away (as the crow files) from the company’s former location, just on the other side of Capital City Freeway (off El Camino Ave).
Click here for related articles by Ben van der Meer of the Sacramento Business Journal dated 5/28/14 5/30/14 6/6/14
Brazilian Jiu-Jitsu (BJJ) has a certain following in Sacramento with approximately ten separate facilities spread throughout the area; yet North Sacramento has been under served… until now. This month, another BJJ operator will open its doors in North Natomas, but with one significant distinction. It will sport the Gracie family name.
Those familiar with BJJ will immediately recognize the value of this franchise, which started in 1914 when “a Japanese Jiu-Jitsu champion Esai Maeda migrated to Brazil, where he was instrumental in establishing a Japanese immigrant community. His efforts were aided by Gastão Gracie, a Brazilian scholar and politician of Scottish descent. As an expression of his gratitude for Gracie’s assistance, Maeda taught the Brazilian’s oldest son Carlos the essential secrets of the ancient martial arts technique. Carlos taught Maeda’s techniques to his four brothers, and in 1925 they opened the first Gracie Jiu-Jitsu academy in Brazil.”
Click here for related story by the Sacramento Business Journal.
Chuck Kim, owner of Ramen Hook @ University Mall (Davis)
Korean style ramen dishes have gained significant popularity in recent years. According to articles by food critics in both the Sacramento Bee and Sacramento News & Review, Chuck Kim has created quite the stir. Restaurant critic, Blair Anthony Robertson, writes “this isn’t their first attempt at nailing the vital elements of blue-collar, elbows-on-the-table Korean cuisine. Nor is Korean-born chef and owner Chuck Kim a rookie with the Japanese side of his menu. He owned ramen and sushi restaurants in Berkeley for several years and, now that he’s in Sacramento, he has already carved out a mini-empire in a Howe Avenue strip mall (Sushi Hook in the same center is also his).”
Click here to read story about Ramen Hook expansion to University Mall in Davis by the Sacramento Business Journal.
East West Commercial Real Estate is a boutique brokerage firm based in Orange County with over twenty agents in five states. After leaving a long commercial real estate lending career with Wells Fargo, Brian Jacks (Northern California Regional Vice President of East West Commercial) launched the company’s Sacramento office in November 2011. Considering the local economy is still weak, there has been sufficient activity to keep busy with several high profile commercial and non-profit lease transactions, such as Drewski’s Hot Rod Kitchen, Hacker Lab, Jackson Sports Academy, Fitness System, Curves, Streamline Church and Cornerstone Christian School.
East West Commercial Real Estate – Sacramento area lease transactions
On Sutterville Road in Land Park is a two story office building located right in between the Sacramento Zoo, La Bou Café and Sprouts Market. Until recently, this 40,000 square foot building had become almost entirely devoid of tenants and business activity due to the severe recession. However, it’s not the first time this particular property has succumbed to the pressures of a deteriorating local economy.
Land Park office building becomes focal point of community once again
Click here for related article in Sacramento Business Journal.
It’s still a tenant’s market out there… and its been that way for quite some time here in the Sacramento area. Commercial property owners know all to well that savvy tenant’s have the upper hand when it comes to negotiating new or renewal leases. However, not being armed with the right information (and trying to go it alone) can lead to less than stellar results.
Photo by the Sacramento Business Journal
The Sacramento Business Journal discussed in a recent article how Rob Fauble, owner of The Beat (a record store in Midtown Sacramento), lost his commercial property lease after 19 years in business at 1700 J Street. Although Rob make the right decision to hire a local Sacramento commercial real estate broker, he was still unsuccessful in cutting a deal with the landlord to let him stay. Occasionally, a commercial property owner has the opportunity to upgrade a tenant with a national company, who can pay more rent and create value for the property… such as the case with The Beat’s former location.
More often that not, however, in this current market, tenant’s hold the necessary leverage to negotiate highly favorable lease terms for commercial property throughout the greater Sacramento area. Continue reading below for a list of do’s and dont’s to learn how tenants can best prepare for this important task.
The global leader in women’s fitness
Curves was launched in 1992 and quickly grew to become the largest fitness franchise in the world, with over 10,000 locations in 90 countries. In recent years, the great recession took hold and weeded out many under-performing clubs, resulting in a reduction of more than 30% (now 6,800 locations worldwide). For many reasons, it became necessary for the original Curves founders to identify a suitable equity partner to acquire the majority stake in the business and take Curves to its next level. One year ago, Curves was sold to North Castle Partners, a hands-on, value-added investor of high-growth, middle market companies in the beauty & personal care, consumer health, fitness, recreation & sports, home & leisure and nutrition sectors, among others. It is anticipated that North Castle Partners will capitalize on this investment by infusing Curves with well funded resources and pertinent expertise to regain and increase market share once more.
Click here for related story in the Sacramento Business Journal.
China’s growing appetite for foreign goods is staggering and California is racing to meet the challenge. Fueled by Governor Brown’s whirlwind trip to six Chinese cities last April, a follow up trip took place in May by the California Asian Pacific Chamber of Commerce (CalAsian Chamber) and officials within the City of Sacramento. Click here for video.
Having the privilege of participating with the CalAsian Chamber delegation, I joined Pat Fong Kushida (President of CalAsian Chamber) and Margaret Wong (President of McWong International), along with elected officials and many other business leaders on our first stop in Shanghai. Here, we visited the brand new California-China Office of Trade and Investment, which is operated by the Bay Area Council. It is the first foreign trade office California has re-opened since all were shut down in 2003.
Shanghai Tower (left) – second tallest building in the world, 2073 feet tall, 121 stories, 4 million sf
East West Commercial Real Estate is pleased to announce the May 2013 opening of Fitness System Land Park at 1250 Sutterville Road in the City of Sacramento. Fitness System is part of a local network of athletic clubs with three additional locations in West Sacramento, Lodi, and Woodland.
Fitness System – 17,000 sq.ft. athletic club opened May 2013 in Land Park
The newest facility comprises 17,000 square feet and is located directly across from the Sacramento Zoo and Sprouts Market / La Bou Cafe at the corner of Sutterville Road & Land Park Drive. Sean Covell, owner / operator of locally based Fitness System, is excited to provide a much needed athletic club to Land Park residents and intends to become active within the community right away. The club offers free weights, machines, aerobics and child care on the first floor, while members engaged in cardio workouts upstairs have the unique opportunity to watch the giraffes at the Sacramento Zoo located just across the street. See related article from Sacramento Business Journal and CoStar.