Sale Of Midtown Office Complex Could Pave Way For Retail

A law firm occupying several buildings in midtown Sacramento has sold them to an out-of-town investor, with potential for new uses in a few years.

John Mudgett of Turton Commercial Real Estate said the Wilcoxen Callaham Law Firm signed a lease to continue occupying the 9,600 square feet of office space in the deal. Bill Gekakis, of San Mateo, bought the buildings at 2214 and 2216 K St., 1114 22nd St. and 2219 L St. for $3 million.

The property in the sale also includes about 25,600 square feet of paved parking used by the law office and leased for nearby retail uses, Mudgett said. The law firm has a three-year lease to stay in the buildings, he said, but the property might have future potential as a retail space instead.

“I think the location was a real strong selling point,” Mudgett said, noting the buildings are near both the planned Whole Foods mixed-use development and the nightlife at 20th and K streets. “There’s a lot of activity right there.”

For the sellers with the law firm, the motivation to sell was good timing in terms of market and potential price, Mudgett said. Daniel Wilcoxen is listed as the seller, and the transaction took place off market. Escrow closed in mid-November.

Mudgett and Ken Turton of Turton Commercial worked on both sides of the sale.