September 11, 2017 Comments Off on Shopoff Snares Sacramento Newspaper Facility Views: 790 Bay Area, California News

Shopoff Snares Sacramento Newspaper Facility

Shopoff Realty Investments acquired The Sacramento Bee’s 10.9-acre office and industrial property in Midtown Sacramento, for reportedly more than $50 million. The property, which currently houses the paper’s printing and distribution facility, is also the national headquarters for The McClatchy Company, which owns The Sacramento Bee and 29 other daily newspapers throughout the U.S.

McClatchy intends to remain in the more than 400,000-square-foot building. Concurrent with closing, Shopoff executed a 15-year triple net lease.

Shopoff Realty Investments’ William Shopoff says, “This property represents another strategic asset acquisition for our firm, which has the potential to provide steady cash flow.”

The submarket is undergoing a transformation from a strictly industrial neighborhood to one that includes a mix of uses. There are more than 650 new residential housing units currently in the planning stages or under development.

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