RevOZ Capital, a real estate private equity firm focused on opportunity zone investments, has formed a joint venture with Argosy Real Estate Partners to acquire an approximately 127,000-square-foot office building in downtown Sacramento. The property was acquired from SG Downtown LLC, an affiliate of the Sacramento Kings ownership group, for an undisclosed sum. Construction is scheduled to finish by late 2021
Located at 660 J Street, the four-story building will be redeveloped to include a mix of office and retail space. The property is within the recently completed Downtown Commons sports and entertainment district which includes the Golden 1 Center, home of the Sacramento Kings, and the Sawyer Hotel.
RevOZ anticipates development and operations of the project will generate new jobs and increased economic activity.
“Once completed, 660 J will be home to hundreds of jobs. The economic impact will enhance the renaissance that downtown Sacramento has experienced in recent years, driven by the investments made into the DoCo district,” said Alex Bhathal, founder of RevOZ Capital.
The joint venture has selected Cushman & Wakefield to market the property to tenants.
Sustainable architecture firm LPA is handling the renovation design. The building will be LEED-certified with a minimized environmental footprint achieved through reduced energy consumption, water conservation and improved air quality, the company said.
Renovation plans include re-skinning the building’s exterior, recreating the building’s lobby, adding on-site amenities, creating new outdoor space, updating restrooms and modernizing building systems. The renovation also incorporates several features as a response to the COVID-19 pandemic including improved air circulation and filtration and touchless systems, the company added.
In recent months, RevOZ has also closed on opportunity zone projects in Indianapolis and Charleston, South Carolina.