A single-story retail building in downtown Sacramento drew multiple offers before it sold, according to a broker on the deal.
The building at 1330 H St. sold earlier this month for $1.15 million, according to public records. San Mateo-based Yanxia Lang was the buyer.
Matt Gorman of Bradley Commercial Real Estate in Marin County represented the seller, 1330 H St. LLC. Gorman said the property went on the market when the owner died and his heirs chose to liquidate that part of his estate.
“It’s a great location, a great building,” he said of 1330 H, which is 4,630 square feet at the southwest corner of H and 14th streets. The bar and nightclub Chaise Lounge occupies half of that space, while CrossFit Valiance is in the other half of the building.
When it went on the market, Gorman said, the building got between seven and 12 offers. While some were trying to buy at below the list price, the final buyer met the price after seeing the property would likely work out, even in a neighborhood where retail has had ups and downs. Across 14th, a city-owned building has had a series of unsuccessful bar and restaurant concepts on the first floor in recent years, and Chaise Lounge replaced another bar called Bulls about two years ago.
Gorman said he didn’t represent the buyers on the deal, but he didn’t see any changes coming as a result of new ownership.
Property records show 1330 H St. LLC acquired the property in 2013, apparently staving off foreclosure in doing so. The building also changed hands between previous owners for $1.15 million that year, but for as much as $1.355 million in 2006.
Article and image provided by: Sacramento Business Journal