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9/03/20
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RevOZ Capital has formed a joint venture with Argosy Real Estate Partners to acquire a 127k sf office building in downtown Sacramento for redevelopment. The move reflects the continued emergence of the city’s Downtown Commons (“DoCo”) district and is the latest in a series of investments by RevOZ in historically undercapitalized communities.
Located at 660 J St, the four-story building will undergo significant rehabilitation, re-imagined as a mix of office and retail space, and will complement the recently completed DoCo sports and entertainment district which includes the Golden 1 Center, home of the Sacramento Kings, and Sawyer Hotel. It was acquired from SG Downtown LLC, an affiliate of the Sacramento Kings ownership group. Construction is scheduled to finish by late 2021.
The property sits within a designated Opportunity Zone, selected by Governor Jerry Brown and the State of California in 2018 to incentivize greater private investment and community benefit in specific census tracts. Opportunity Zones are a bipartisan initiative established in 2017 by the federal government to stimulate sustained private investment in low-income urban, suburban and rural communities across the country. There are over 8,700 Opportunity Zones nationally, 879 in California, and 43 in Sacramento County, including nearly all of a downtown Sacramento area beset by poverty rates consistently in excess of 30-40% for decades.
RevOZ anticipates development and operations of the project will generate substantial new jobs and increased economic activity. As part of an emerging firm initiative focused on racial equity and social impact, RevOZ is also exploring new community partnerships.
“Once completed, 660 J will be home to hundreds of jobs. The economic impact will enhance the renaissance that downtown Sacramento has experienced in recent years, driven by the investments made into the DoCo district,” said Alex Bhathal, Founder of RevOZ Capital.
The partnership has selected Cushman & Wakefield to market the property to tenants seeking an unparalleled, highly amenitized workplace situated at the epicenter of downtown Sacramento’s revitalization. With a renovation design planned by sustainable architecture firm LPA, the building will be LEED-certified with a minimized environmental footprint achieved through reduced energy consumption, water conservation and improved air quality.
Renovation plans include re-skinning the building’s exterior, recreating the building’s lobby, adding on-site amenities, creating new outdoor space, updating restrooms and modernizing building systems. The renovation incorporates several features as a response to the COVID-19 pandemic including improved air circulation and filtration and enhanced touchless systems.
Despite the economic and public health headwinds presented by COVID-19, RevOZ has remained active in the Opportunity Zone marketplace. In recent months, RevOZ has also closed on Opportunity Zone projects in Indianapolis, IN and Charleston, SC. In addition, a May 2020 report released by the White House highlighted RevOZ’s investment in a children’s behavioral health facility in San Bernardino, CA as a national best practice.
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