Turton Commercial Markets East Sac Rite Aid Site for Sale, Possible Redevelopment

“Outside of the Folsom Boulevard corridor, I can’t think of a 60,000-square-foot parcel in East Sacramento that’s come to market for sale,” said Scott Kingston, a senior vice president at Turton Commercial Real Estate in Sacramento. Turton Commercial has the property listed for sale for $11.45 million.

Under Sacramento’s general plan, Kingston said, the site could house more than 231,000 square feet of development. Most likely, that would be a multistory project of market-rate apartments or senior apartments, with a possible ground-floor component of retail or other uses, he said.

According to Turton’s marketing brochure, such a project could have 240 to 250 units.

Kingston said he’d acknowledge potential neighborhood pushback to such a dense project. “Everybody wants housing until it’s by them,” he said. “It is allowed with current zoning. I know it will be a difficult feat in that neighborhood.”

A multistory project such as a boutique hotel could also be viable, given the success of hotels to the west, near Business 80, and nearby medical centers that often generate a need for hotel stays for family.

Instead of going vertical, a new owner could also try to separate the building into smaller retail spaces for food or beverage vendors and create a public market concept, also retaining the existing parking, Kingston said.

Kingston said it’s less likely another retail chain would buy the site for a new store. Most would prefer to build one of their own, and the location in well-heeled East Sacramento wouldn’t make it suitable for the discount chains that often backfill such spots.

Rite Aid’s lease at 4830 J St. has another two years to run, so a new property owner would have some time to refine a concept.

But Kingston said given the chain’s status, he believes it’s possible Rite Aid won’t pay rent for that full tenure.

In addition to Kingston, Ken Turton of Turton Commercial is on the listing.

According to records, Profectus Capital LLC, with a Los Angeles address, owns the property. The last recorded sale for the property was in 2022, for $9.7 million.