Downtown's trendy entertainment complex the place that brought Sacramento a bar with mermaids and a pizza joint with a truck jutting out of the wall is for sale.
Sacramento developer David Taylor and his partner in the 4-year-old project, CIM Group of Los Angeles, put the popular cluster of remodeled buildings at 10th & K streets up for sale about a week ago.
The complex, anchored by a former Woolworth's, is a focal point of downtown redevelopment. It received about $5.4 million in redevelopment funding from the city, which has been trying to breathe new life into the troubled K Street corridor.
Taylor said Monday the project is a success but is being sold because CIM feels it's time to cash out. CIM generally doesn't hold properties beyond seven years, and "we're four years in," Taylor said.
"We've got nine tenants who weren't there four years ago," he added. "I am feeling good about it."
He wouldn't discuss an asking price.
The sale wouldn't include the building to be occupied by the newest tenant, a 31,000-square-foot California Family Fitness center. Taylor said the health club, which just signed its lease, has the right to buy the building separately.
The complex has sustained one significant setback, the closure of California Musical Theatre's 4-year-old Cosmopolitan Cabaret last month. But noted restaurateur Randy Paragary plans to take over the space and convert it into a nightclub called The Assembly.
Paragary, whose Cafe Bernardo restaurant is one of the current tenants, said he isn't ruffled by the likely sale.
"As far as who we pay rent to, it doesn't make any difference," he said.
He said he'd been told "from the very beginning" that the Taylor-CIM partnership would eventually sell.
The complex is probably best known for two of its tenants: Pizza Rock, with its 10,000-pound truck cab, and Dive Bar, where costumed men and women swim in the giant fish tank above the bar.