By Ben van der Meer
A group specializing in opportunity zone investments has bought a Downtown Sacramento building from a partnership including the Sacramento Kings.
Escrow closed Aug. 21 for 660 J St., a 127,000-square-foot building purchased by a joint venture of Argosy Real Estate Partners and RevOZ Capital for $20.2 million.
"This building has long been a cornerstone of the DoCo project, previously serving as the Kings' office and development headquarters for the downtown revitalization," said RevOZ Capital's president, Alex Bhathal, in an email. "Now that DoCo is mostly completed, we had the opportunity to elevate this now tired office building into a jewel box to accommodate modern needs with a state-of-the-art design."…
Bhathal said the new ownership is planning a sizable building rehab, including a re-skinned exterior, new lobby, modernized building systems and creation of new amenities, including outdoor space where tenants can host events. That work should start this month and be completed by the end of 2021, he said. Architecture firm LPA Inc. will handle renovation design, which will also include improving the building's energy efficiency and environmental footprint.