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8/16/12
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In a recent transaction that is expected to spur redevelopment activity in Sacramento’s downtown area, JMA Ventures LLC (JMA) has acquired a substantial interest in Downtown Plaza, a mixed-use property that encompasses six city blocks in the heart of the city’s downtown. JMA purchased the property, which was originally built in 1971 and redeveloped in 1993, from The Westfield Group (Westfield).
(Photo by Tom Fields; posted: www.Virtualtourist.com) |
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Anchored by Sacramento’s only flagship Macy’s, Downtown Plaza is the cornerstone of the pedestrian-only K Street Promenade that connects to the State Capitol and the Convention Center. Spanning six city blocks on 14 acres, the property comprises more than 900k sf of retail space -- of which JMA acquired approximately 415k sf (Macy’s is separately owned) -- and 285k sf of office space.
The retail portion is roughly 50% leased to tenants that include Century Theatres, 24-Hour Fitness, Gap, Gap Kids, Forever 21 and Express. The two office buildings, which also are approximately 50% leased, are home to several State of California departments as well as private sector tenants that include Integra Telecom, Randstad, and APS Healthcare.
The acquisition represents a unique opportunity for JMA to add value to an important, high-profile property in the city and also enhance the surrounding community. JMA plans to transform Downtown Plaza into an urban destination by remaking the area as a lifestyle retail and entertainment experience that can’t be found at typical suburban malls in the area.
Cornish & Carey Commercial Newmark Knight Frank’s David Brandenburger, Tom Heacox and John Austin represented JMA, a San Francisco-based real estate investment and development firm. Terms of the sale are not disclosed.
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