The downtown Sacramento entertainment complex at 10th & K streets is for sale.
Sacramento developer David Taylor and Los Angeles real estate investor CIM Group are attempting to sell the complex, a cluster of refurbished buildings at the southeast corner of 10th & K.
The complex, anchored by a former Woolworth's store, has been one of the focal points of downtown redevelopment and has received several million dollars in subsidies from the city of Sacramento.
One of the tenants, restaurant owner Randy Paragary, said today the attempted sale comes as no surprise, as he's been told Taylor and CIM always intended to sell the properties at some point.
"I think they did it with the intent of getting them fully leased, and sell them," said Paragary, whose Cafe Bernardo is among the major tenants. "I think that was the game plan from the very beginning."
The project, which includes Pizza Rock restaurant and the Dive Bar, is largely considered a success. One recent setback: California Musical Theatre has decided to close the 200-seat Cosmopolitan Cabaret, which opened four years ago. Paragary intends to reopen the site as a nightclub called The Assembly.
Paragary said the possibility of a new landlord won't alter his plans.
Another new tenant was approved in September by the City Council: a 31,000-square-foot California Family Fitness.
Taylor said the building that will house the health club isn't being offered for sale because California Family Fitness has the right to buy that property directly.
He said the complex is doing well overall. "We've got nine tenants who weren't there four years ago," Taylor said. "I am feeling good about it."
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