Landmark property in Downtown Sacramento for sale

Cheers to Friday, LinkedIn community. I'm looking forward to celebrating our Women Who Mean Business honorees this afternoon.

In the meantime, reporter Jacob Abbott broke some big real estate news this week.

Downtown Sacramento's most historic theater and its surrounding property have been put on the market for sale.

The Crest Theatre complex spans two buildings totaling 36,771 rentable square feet along K Street between 10th and 11th streets.

The property was listed for sale earlier this week at an asking price of $21 million. Listing broker Ken Turton , president of Turton Commercial Real Estate , said the current property owner, Robert Emerick, has relocated out of the area and is exploring options for the sale. Read more

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Downtown Sacramento restaurant shuts down

Seoul St. Midtown has permanently closed, according to an announcement from the restaurant's operators.

The business filled a space previously occupied by de Vere's Irish Pub at 1521 L St. in Downtown Sacramento. It specialized in Korean street food and featured a full bar and lounge area offering handcrafted cocktails like a Korean paloma and a "Back To Seoul Mule."

The business opened in September 2022, led by local restaurateurs Trinh Le and Minnie Nguyen, a husband-and-wife team behind other local establishments such as Station 16, Firehouse Crawfish and Daikon Korean BBQ. Read more

Amazon finds its local growth groove again

After a year of retrenching and reflection following the ebb of its pandemic growth, 亚马逊 appears to be growing again.

Amazon.com Inc. CEO Andy Jassy said in May during the company's annual shareholders meeting that Amazon would be using its cash hoard to invest in its cloud services and retail, rather than paying dividends.

Jassy said "the best use of this cash for customers and the business and shareholders right now is investing" in areas that Amazon is already pursuing.

Sacramento appears to be on track for some of that retail expansion. Amazon has been picking up properties locally, and there are some locations that may see Amazon Fresh retail stores.

Learn more in this article by reporter Mark Anderson .

Sacramento's tallest building is for sale

One of Downtown Sacramento's signature high-rise towers is on the market, with the potential to be a barometer for the local office market overall when it sells.

But 400 Capitol Mall, being listed by brokers with JLL, also has some "unicorn" aspects that make it a more of an outlier than many properties, according to brokers at two other firms.

"This is one of the top three or four buildings in all of Sacramento," said Jason Goff , an executive vice president with CBRE in Sacramento. "You've got a very solid rent roll with a number of publicly traded firms."

Built in 1992, 400 Capitol Mall is Sacramento's tallest building, at 30 stories and 512,709 square feet.

Learn more in this article by Senior Reporter Ben van der Meer .

Update on planned Lincoln retail center

Construction of a new shopping center in Lincoln is set to kick off soon and most of the spaces have already been claimed.

Ferrari Pavilion will cover an approximately 11-acre lot at the northeast corner of Ferrari Ranch Road and Lincoln Boulevard in Lincoln. Plans for the center have been in the works for several years, but slight changes to its footprint and a switch in developers have made the project slow to break ground.

Broker Ariel Fox of Right Site Inc., who is handling leasing for the center owned by Arm Properties LLC, confirmed that leases have been signed for nearly 90% of the planned center's available space so far. Read more

Local ZIP codes among nation's 1,000 richest

Three local ZIP codes rank among the nation's 1,000 wealthiest places. Of those, Granite Bay leads the way.

That’s according to The Business Journals Wealthy 1000, a new ranking of the nation's wealthiest ZIP codes based on a weighted formula that looks at a number of wealth metrics.

Data Reporter Mengyuan Dong explains what you need to know about the nation's wealthiest ZIP codes. Here's the full story.

Thanks for reading our Weekly Edition, which was compiled by Managing Editor Sonya Sorich. Send feedback and news tips to [email protected].