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Argosy Real Estate Partners Acquires 660 J Street
We are pleased to announce that Argosy Real Estate Partners acquired 660 J Street, a to-be-renovated four-story, 1984-vintage, 124,471 sf Class B office building with ground floor retail within the Downtown Commons (DOCO) District of downtown Sacramento, CA. DOCO is a vibrant district of Sacramento’s downtown that includes the Golden 1 Center (which has historically hosted over 200 events per year, including Sacramento Kings NBA basketball games and concerts), 630,000 sf of retail space, and a Kimpton-branded hotel and condominium project that is adjacent to the property.
The property is currently leased to three ground floor retail tenants, while the office space is currently vacant. The approximate year-long transformation of the building will include a full interior and lobby renovation, new tenant amenities, and re-skinning of the exterior envelope with new floor-to-ceiling windows. The redevelopment of 660 J Street will reposition the property as a Class A asset in a submarket that has low Class A vacancy and a limited new supply pipeline. The building will be LEED-certified and the renovation will incorporate several features in response to the COVID-19 pandemic, including improved air circulation and filtration and enhanced touchless systems.
The investment was made in partnership with RevOZ Capital and Hines. RevOZ Capital is a privately-held real estate investment company that is focused on Opportunity Zone investments. Hines, who will serve as construction manager, is a privately-owned international real estate investment, development and management firm.
The redevelopment of the property will be financed through a combination of a senior loan from Torrey Pines Bank, a division of Western Alliance Bank, and the use of PACE financing from the Public and Nonprofit Finance Group of Western Alliance Bank.