Irvine-based Shopoff Realty Investments kicked off the new year by announcing it sold a 9.25-acre property in midtown Sacramento to a housing developer for $9.8 million.
Beazer Homes USA, a homebuilder based in Atlanta, bought the former parking lot and plans to build 48 townhomes there.
The property was previously used as a parking lot for Sacramento Bee’s newspaper operations at 2100 Q Street.
Shopoff Realty purchased the Sacramento Bee property from McClatchy Cos., as part of a sale-leaseback deal, in 2017. McClatchy declared bankruptcy in 2020 and vacated the property by 2021, opening the door for Shopoff to sell or entitle various portions of the property, according to a company statement.
“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,” Shopoff Realty President and Chief Executive Bill Shopoff said in a statement. “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.”
Shopoff Realty, represented by Providence West in the sale, secured entitlements from the city of Sacramento for the property.
The units would be built within eight three-floor buildings.
