Atlanta-based homebuilder buys former Bee parking lot where owner planned townhomes
The owners of the former Sacramento Bee property in midtown have sold another piece of the site.
Shopoff Realty Investments said it had sold a former parking lot to Atlanta-based Beazer Homes for $9.8 million.
The property, just south of R Street and known among employees as the Collins Lot, was once a parking lot for the newspaper’s office and production facility. Shopoff said it had secured entitlements for eight three-story townhomes at the site.
The paper’s newsroom, advertising operations and the headquarters for its parent company, McClatchy, were based for nearly 70 years at 21st and Q streets. Irvine-based Shopoff purchased the property for $51 million and leased it back to McClatchy in 2017.
McClatchy filed for bankruptcy in 2020, and was acquired by hedge fund Chatham Asset Management. The Bee’s printing operations were moved to Fremont in early 2021. The newsroom was relocated later that year to a smaller site in the Cannery complex on Alhambra Boulevard, one mile east of the former newspaper building.
Since then, Shopoff has been steadily divesting pieces of the property. It has sold off the site’s daycare building, fleet building, cell tower, parking easement and one additional parking lot.
The only remaining property under Shopoff’s ownership, the company said, is the former main facility building, where it intends to secure entitlements for more townhomes.
The company expects to secure the entitlements in February, according to Stephen Logan, senior vice president of urban infill. Shopoff plans to take the property, which is currently vacant, to market in the next couple of months.
This story was originally published January 3, 2025 at 11:16 AM.
