Featured

Building Opposite MARRS In Midtown Sold For $3 Million

Source: Sacramento Business Journal

Brokers: Ken Turton

A midtown building best known as the former home of the Sacramento News & Review has a new owner.

San Mateo-based investor Bill Gekakis bought 1015 20th St. last month for $3 million in an off-market deal, according to Ken Turton of Turton Commercial Real Estate.

The sale includes a 11,200-square-foot building, currently occupied by the Sacramento studio of video-game company Electronic Arts, and a 12,800-square-foot parking lot and billboard to the north.

Developers Mark Friedman, Mike Heller and Dave Scurfield had a partnership that previously owned the building. Turton said the partners at one time planned to use the property in part of a larger development, but the idea didn’t gain traction.

“It’s the right price for what it is,” Turton said, noting the location is one of the best in midtown. The building is across from Heller’s MARRS mixed-use building and next to a handful of popular nightspots.

Turton said the new owner has no immediate plans for any changes to the building, with EA’s lease not expiring until 2017. But if the electronic gaming company decided to leave, he said, there would be no shortage of tenants interested in moving in.

According to the Sacramento County Assessor’s office, the building dates to 1921. Turton said it was a mortuary for much of its history.

In addition to Turton, Aaron Marchand of Turton Commercial worked on the deal.

Share this Article