Petroleum Association Buys Space In K Street Building

California Independent Petroleum Association has purchased the sixth floor at 1001 K Street from the new building owner for $1.42 million, according to Ken Turton, the broker who represented both sides in the transaction. That’s about $290 per square foot.

The Sacramento office building had previously undergone a renovation and a conversion from a standard building to one offering space for sale instead of lease, but the former owner lost  the building foreclosure.

The unsold portion of the building were purchased out of foreclosure this year from Borel Bank by Signal Air LLC, which is marketing the space  as office condominium. The sixth floor is close to 5,000 square feet.

The 47,000 square foot building is divided into seven condominium units – two ground floor retail units and have office floors.

Sale of the condominium units halted for nearly three years after the sale of the fifth floor and lease of the second floor while the former ownership attempted to resolve a significant electrical power problem. Signal air core electrical improvements within 30 days from close to escrow.