SACRAMENTO, CA—A former Kmart store has been sold to a Southern California private investment group for a likely transformation into warehouse storage.
The building at Watt Avenue and Elverta Road has been shuttered for more than a decade, says the Sacramento Business Journal. The selling price was $1.85 million, the Journal reported, citing Jon Gianulias, a Core Commercial broker. He handled the sale along with Core fellow brokers John DuBois and Mark Denholm. They worked on behalf of Fremont Bank, which had foreclosed on the building.
The building measures 86,479 square feet.
It took a little over a year and several price reductions to sell the building, Gianulias said. A couple groups had pursued the building, but walked away when they were unable to land a tenant for the former Kmart.
The Gianulias team sold the same Kmart building to Bay Area buyers in May 2006 for $4.75 million.
Click Sacramento Business Journal to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
