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| William Shopoff |
The location is also the
national headquarters for The McClatchy Company, which owns The Sacramento Bee
and 29 other daily newspapers throughout the United States. McClatchy intends
to remain in the building; concurrent with closing Shopoff executed a 15-year
triple net lease.
“This property represents
another strategic asset acquisition for our firm, which has the potential to
provide steady cash flow,” said Shopoff Realty Investments CEO William Shopoff. “With longstanding
roots in the neighborhood, we are pleased that McClatchy and The Sacramento Bee
have made a commitment to remain in the building and continue providing quality
news to local residents.”
The property is located in
the Midtown submarket of Sacramento, which has seen a flurry of interest from
developers in recent years. Its transformation from a strictly industrial
neighborhood has begun, with more than 650 new residential housing units currently
in the planning stages or under development.
“The influx of new
residents and companies moving to the Sacramento area has been tremendous, and
we are confident that the changes taking place in midtown will only add to the
allure and attraction for new residents, and the subsequent value of this 10+
acre property,” said David Placek,
executive vice president of Shopoff Realty Investments.
For more information on this news release, please contact:
Jill Swartz
Spotlight Marketing
Communications
949.427.5172, ext. 701
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