About four years after its last retail tenant moved out, there’s a new plan for a building on one of midtown Sacramento’s busiest corridors.
A family relocating from China, under the name Xingli Asset Management Co., has bought the three-story building at 2700 J St., according to property records. The purchase price for the 14,995-square-foot building was $4.03 million.
While the new owners are still relocating from China and weren’t available for comment, the broker who represented them said the first floor will house a new restaurant.
“They’re in the process of coming up with a proposal still,” said Race Merritt, a vice president with Ethan Conrad Properties Inc. “It’s all at the infancy stage.”
Most likely, the restaurant will have a high-end Asian concept, he said. But the first-floor space would need to be retrofitted with a kitchen, so it’s likely to be some time before any concept moves ahead, he said.
Xingil Asset Management will house its office operations on the second floor, Merritt said, while the third floor could be used either as additional office space for the owner, or leased out to another tenant.
Merritt said the owners liked the building’s architecture and location, at the end of a busy row of retail, restaurant and nightlife spaces on J Street.
“It came with parking, and that was a big bonus for them, too,” he said. That included a handful of spots underground.
Apart from adding a kitchen, the .23-acre property the building is on will remain the same.
Rich Ellsworth, a senior managing director with commercial real estate brokerage Newmark Knight Frank, represented the building’s sellers, Casten’s of Palo Alto. The seller did not return a call left at a number in Corte Madera Monday.
Ellsworth said Casten’s had owned 2700 J St. since 2007. Though they could’ve made building improvements to lure another tenant, they decided to sell instead, he said.
The building’s most recent ground-floor tenant, a vape shop, relocated to downtown Sacramento in 2015, not long before the building was listed for sale or lease in early 2016. An advertising agency, Un/common, is a tenant on the third floor but plans to relocate, Merritt said.
In addition to Ellsworth, Mike Riley of Newmark Knight Frank worked on the deal on behalf of the seller.