Featured

Crest Theatre Property For Sale In Downtown Sacramento

Source: Sacramento Business Journal

Downtown Sacramento’s most historic theater and its surrounding property have been put on the market for sale.

The Crest Theatre complex spans two buildings totaling 36,771 rentable square feet along K Street between 10th and 11th streets. Property tenants include Capital Books, Empress Tavern, Public Policy Advocates LLC, Crest Cafe, Nash & Proper, Hao Bao Dumplings and the Crest Theatre.

The property was listed for sale earlier this week at an asking price of $21 million. Listing broker Ken Turton, president of Turton Commercial Real Estate, said the current property owner, Robert Emerick, has relocated out of the area and is exploring options for the sale.

“We are optimistic that the right buyer will materialize at the right price for the property,” Turton said. “We enjoy being a part of transactions like this, properties that play an iconic role in Sacramento’s history. It’s a very interesting opportunity because these don’t come around often.”

Emerick did not respond to a request for comment.

The theater, which opened in 1912, has operated under various names over the years and undergone multiple renovations. After purchasing the property in 2011, Emerick renovated much of the property, connecting what is now Empress Tavern to the theater and updating the ancillary restaurants and spaces. The property is fully occupied, and Turton said all the current businesses are doing well and current on rents.

Located along the K Street Corridor, the property benefits from its proximity to other destination businesses and properties such as Golden 1 Center, Downtown Commons and the SAFE Credit Union Convention Center and Performing Arts Center. The property has consistently leased at 96% occupancy or above since its latest renovation was completed in 2013, according to marketing materials.

Share this Article