Shopoff Buys Sacramento Newspaper Headquarters and Industrial Property
Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, has purchased The Sacramento Bee’s 10.9-acre office and industrial property in Midtown Sacramento, currently housing the paper’s printing and distribution facility.
The location is also the national headquarters for The McClatchy Company, which owns The Sacramento Bee and 29 other daily newspapers throughout the United States. McClatchy intends to remain in the building; concurrent with closing Shopoff executed a 15-year triple net lease.
“This property represents another strategic asset acquisition for our firm, which has the potential to provide steady cash flow,” said Shopoff Realty Investments CEO William Shopoff. “With longstanding roots in the neighborhood, we are pleased that McClatchy and The Sacramento Bee have made a commitment to remain in the building and continue providing quality news to local residents.”
The property is located in the Midtown submarket of Sacramento, which has seen interest from developers in recent years. Its transformation from a strictly industrial neighborhood has begun, with more than 650 new residential housing units currently in the planning stages or under development.
“The influx of new residents and companies moving to the Sacramento area has been tremendous, and we are confident that the changes taking place in midtown will only add to the allure and attraction for new residents, and the subsequent value of this 10+ acre property,” said David Placek, executive vice president of Shopoff Realty Investments.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 25-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 25-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).