Shopoff Sells $9.8M Sacramento Parking Lot Entitled for 48 Townhomes
Shopoff Realty Investments, a national manager of opportunistic real estate investments and a sponsor of private placement offerings, has sold a 9.25-acre former parking lot to Beazer Homes for $9.8 million. Located in Sacramento, Calif., the property was once a parking lot for former office and production facility for The Sacramento Bee. Shopoff recently 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.
Shopoff purchased the property as a sale-leaseback to McClatchy Companies in 2017. McClatchy, which owns the newspaper, subsequently filed for bankruptcy in 2020 and relocated their headquarters and printing operations, vacating the property mid-2021. Shopoff then pivoted and began to sell and/or entitle the various portions of the site.
“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,” explained Bill Shopoff, president and chief executive officer. “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 streets. 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 of the coming year.
Last September, Shopoff received approval from the Huntington Beach City Council for a mixed-use master plan project, Magnolia Tank Farm, located on 29 acres near Magnolia Avenue and Pacific Coast Highway in Huntington Beach, Calif. The council voted 7-0 in favor of the project. With the City Council’s green light, as well as California Coastal Commission’s approval in July 2024, the project is moving forward and anticipating 200+ single-family detached and attached homes, a 50-unit affordable multifamily community, and a 215-key boutique hotel with 19,000 square feet of retail.
Shopoff Realty Investments is an Irvine, Calif.-based real estate firm with a 32-year history of generating appreciation through development projects, the repositioning of commercial income-producing properties, and the entitlement of land assets.
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