JLL closes sale of landmark office building in Sacramento

SAN FRANCISCO, October 1, 2019 – JLL announced today that it has closed the approximately $20 million sale of 1130 K Street, a historic landmark office building totaling 140,908 square feet in Sacramento, California.

JLL marketed the property on behalf of the seller, UC Regents, and procured the undisclosed buyer.

Constructed in 1924 as the original Weinstock’s department store, 1130 K Street features a Romanesque four-story high arched entranceway and a half-dome colonnade window line spanning the fourth floor.  The property is approximately 30% leased to a variety of public and private tenants with the largest tenant being UC Regents.  Located within Sacramento’s vibrant Government Affairs District,1130 K Street is proximate to the State Capitol as well as a myriad of amenities, including restaurants, cafes, hotels and entertainment venues located along K Street or in the Kay District.  Additionally, the historic property is only four blocks from the growing Arena District that is home to Golden 1 Center, DOCO and numerous new residential units either planned or under construction.  1130 K Street is positioned within a designated Qualified Opportunity Zone, established as part of the Federal Tax Reform passed in 2017.

The JLL Capital Markets team representing the seller was led by Erik Hanson, Rob Hielscher, Michel Seifer, Cheri Pierce, Kristina Wollan and Nick Deaver.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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