CTS Acquires New Office Building Across the Street
Before office building 2830 G St. in Midtown Sacramento closed escrow this month, it had to overcome numerous hurdles.
According to broker John Mudgett of Turton Commercial Real Estate, these issues included a lockdown stemming from the Covid-19 pandemic, stock market uncertainty for the same reason, then an eviction moratorium on commercial tenants and a request for a price reduction and more from the eventual buyer.
We’re excited about be moving to a new yet familiar building just across the street from our current office. The building should be a great fit for our current team and also provides plenty of space for us to expand.
Capitol Tech Solutions, one of Sacramento’s leading digital agencies, bought the two-story, 11,309-square-foot building for $2.15 million, according to Turton Commercial.
Bobby Reed, Capitol Tech’s CEO, said his company already owns neighboring 2831 G St., so he was familiar with 2830 G St. “I see it every day,” he said.
Continued Growth Fosters CTS Team Expansion
Buying the building will support future expansion of the CTS team and provide economies of scale, as well as space for future expansion. The company is already planning to occupy much of the new purchase, he added, moving out of 2831 G St.
The key element to getting the sale to go through, Mudgett said, was Turton finding a tenant at Capitol Tech Solutions’ request for about 3,500 square feet of vacant space. A nonprofit that lobbies at the state Capitol became that tenant, represented by Alexis Garrett of JLL Sacramento.
Mudgett said Capitol Tech Solutions will also renovate common areas, bathrooms and building exteriors for 2830 G St. “The buyer was able to close with a property fully stabilized,” he said. “There is more work that’s required that goes into each transaction, but there are deals to be done.”
According to property records, the seller was 2822 South Orange Avenue LLC, with a Modesto address. A message left at a phone number affiliated with that address was not returned. The seller bought the building in 2007 for $750,000, according to real estate data service Reonomy.
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