Business & Real Estate

Retail now going into key downtown site

A retail project is now likely slated for a key downtown Sacramento corner where plans for an eight-story apartment building recently were scuttled.

The owners of a former auto repair shop at 1431 I St. were hoping to partner with D&S Development and built a mixed-use project on the site, with 96 apartment units over ground-floor retail.

But when D&S pulled out of the deal last month, owners Jerry Martinez and Christine Kramer put the building on the market and completed a sale on Friday.

The buyer, Horizon Capital Investments of Sacramento, is still looking at possible uses but most likely will convert the building into two retail spaces, said Dave Herrera, a Colliers International broker who represented both the sellers and the buyer.

The sales price was $1.275 million, he said.

“Literally we had it on the market for one day and we were in negotiations” for a sale, Herrera said of the quick-closing deal.

He said the building’s main attributes are its downtown location, diagonally across from Memorial Auditorium, onsite parking, an open floor plan and five large roll-up doors dating from its former use as a repair shop.

Officials at Horizon could not be reached for comment.

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