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Trackside Property Sold For $2 Million

Source: Davis Enterprise

The Trackside Center project at 901-919 Third St. has been sold for $2 million.

Turton Commercial Real Estate brokers Scott Kingston, Kimio Bazett and Patrick Stelmach handled the sale.

A proposal was submitted to the Davis City Council for the Trackside Center project in September 2016, which replaced a previous proposal submitted in 2015. The proposal consisted of a four-story, 47,983 square foot mixed use building with ground floor retail, parking and 27 apartment units on upper floors. The project was approved by council on Nov. 14, 2017.

New owners include Sanjeev Pathak and Sampda Sharma, Co-Trustees of the Pathak Living Trust and Rajnish Malhotra and Shivi Malhotra, Trustees of the Rajnish Malhotra and Shivi Malhotra Living Trust.

According to Turton Commercial Real Estate, the property consists of two retail buildings with nine current suites totaling 11,468 square feet. Five of the suites are vacant and 60% of the property is available for a variety of uses.

Kingston says as of now, the new owners plan to improve the property and re-tenant it.

He says what interested the buyers most about the property was, “the purchase price relative to replacement cost plus the scarcity of quality investment property in Davis, specifically Downtown Davis and the ability to put improvements into the exterior and interior of the property to increase overall revenue of the asset.”

The full original project is not planned for development at this time, but it could be an option for the new owners in the future.

Former developer, Trackside Center LLC decided to put the property up for sale last year.

Managing partners of Trackside Center LLC, including former Davis Chamber of Commerce President Kemble Pope and Steven Greenfield faced a stoppage in progress when the Old East Davis Neighborhood Association filed a lawsuit against the city over its approval of the project.

The height of the building was the main concern. The association argued that the project violated the city’s zoning ordinances, was inconsistent with the city’s planning provisions governing transition between the core area of downtown and the Old East Davis neighborhood and should be limited to three stories tall instead of four.

A trial was held in Yolo County Superior Court in 2019. Judge Samuel McAdam sided with the neighborhood association.

City Council appealed this decision to the Third District Court of Appeals. Judge McAdam’s ruling was overturned in December 2021, allowing the project to move forward.

The association tried to appeal the appellate court’s decision to the California Supreme Court, but this was denied in April 2022.

To learn more about the history of the Trackside Center project, visit https://www.cityofdavis.org/city-hall/community-development-and-sustainability/development-projects/trackside-center.

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