I enjoy reading. And writing. I’m hoping, one day, to finish writing a book. I’ve started two: “Joe Herd: Life Lessons from Backpacking and Other Adventures” and “Forks, Spoons and Knives.” I can already sense the pre-orders filling.
“Forks, Spoons and Knives” is not a book about restaurants or cooking or proper dining etiquette. It is a book about the decisions we make throughout our life and the short- and long-term impact those decisions have on the rest of our lives. In es sence, we all face decisions we must make in our lives beginning as early as grade school. These are metaphorical “forks” in each of our respective roads of life. Years later, we can look back at the choices we made (or didn’t make) and determine if the impact was positive (a “spoon”) or negative (a “knife”). Regardless, our stories are a product of those choices.
We all make countless choices throughout life and some are far more impactful than others: friends, boyfriends, girlfriends, marriage, having children, occupa tions, hobbies, health, food, drink, drugs, scholastic studies, debt, home purchases and timing, investments, etc.
Add up all of those choices along with the short- and long-term impact of those choices and voila, you have your life story. At least the chapters of your life story that have been written so far.
In my career I have met thousands of people. Most of them property and busi ness owners. Every owned property and every owned business represent an important part of each respective owners’ life. Lives often interwoven with the lives of others through relationships: partnerships, multi-generational families, marriages, friendships and business acquaintances. When I help these owners, I recognize their lives are simply stories being written in real time. And the choices they make with their businesses and properties comprise many of their most sig nificant chapters.
Every story is fascinating and sometimes even captivating. Each full of success es and failure, love and hate, health and sickness, positive and negative relation ships and, of course, economic prosperity and/or catastrophe.
I often note how much the client has allowed circumstance to dictate their story versus directing the story themselves. And I find myself discerning the seminal choices that end and begin each chapter in their life. Some decisions obvious and poignant in their significance. Others are more subtle. The importance of some decisions virtually indistinguishable when they occur but incredibly meaningful in chapters later on in their story.
Make no mistake. Your story is being written. Right now. Every day you live. Whether you think you’re writing the story or not. Without question, there is a lot of uncertainty and concern in our world today and the decisions we make could make a critical difference in the quality of our future lives.
Just remember, the story is going to get written whether you do the writing or not. Don’t let circumstance write your story. Pick up the pen. Start writing. And if you need help with a few of the chapters, we’re here to help.
Ken Turton 916.573.3300 | kenturton@turtoncom.com
Lic. 01219637
Aaron Marchand 916.573.3305 | aaronmarchand@turtoncom.com
Lic. 01711650
Jon Lang 916.573.3302 | jonlang@turtoncom.com
Esq. Lic. 01934934
Scott Kingston 916.573.3309 | scottkingston@turtoncom.com
Lic. 01485640
Patrick Stelmach
Lic. 01964999
916.573.3314 | patrickstelmach@turtoncom.com
David Khedry
Lic. 02063469
916.573.3303 | davidkhedry@turtoncom.com
Matt Axford 916.573.3308 | mattaxford@turtoncom.com
Lic. 02124801 Lic. 02127988
Jack Scurfield 916.573.3316 | jackscurfield@turtoncom.com
Lic. 02086576
Brooke Butler 916.573.3301 | brookebutler@turtoncom.com
Corey Lau 916.573.3304 | coreylau@turtoncom.com
Justine Franklin 916.573.3304 | justinefranklin@turtoncom.com
Decisions
Are you a business owner?
Do you have 99 problems, with your real estate being one? What issue are you having?
Too
Different location needed
Relationship dissolution
Not enough space Brand / image
They
Why
Are you an owner-user (own your building)?
you want to
Do
IF YOU CHOOSE TO...
...lease out some / all of your space:
Happy to help with that! First, we should get a sense of your organiza tion’s ideal programming going for ward. Then, after evaluating the leas ing market, we’ll define the unique value proposition of your property and get to marketing the space!
one building and buy another: ...sell your building and lease a new space:
Strategic decision. The first questions are: What level of growth do you antic ipate, where would you like to be, and who are you trying to hire? There’s a building out there for you! Whether or not we uncover a rare off-market op portunity is another story...
Bold move. First things first, would you sell your property and lease it back for a period of time? If not, per haps you want to be located in a different part of town entirely? All good! We’ll help you find both on and off-market leasing options!
Right:
Lucid & Voluptuary
Street
Games, instruments, Tibetan prayer flags, and an impressive book collection turn this ware house into a vibrant hangout spot. All wines handcrafted in-house by owner Kevin Luther!
Casual vibe Bougie vibe
food options
For newbies
meals
Revolution Winery & Kitchen2
S Street
With their on-site production and upscale tasting room, Revolution is like a little slice of Napa plopped into Midtown. Added bonus: lots of vegan/vegetarian friendly food items!
Casual vibe Bougie vibe
No food options Full meals
For newbies For enthusiasts
Nico Wine3
R Street, Ste 180 Price: $$ Dog-friendly
Nico Wine is a newer wine bar gem whose cozy outdoor patio and modern urban aesthetic have made it very popular, already. Swing by on #takeovertuesdays for live entertainment!
Casual vibe Bougie vibe
No food options Full meals
For newbies For enthusiasts
Ro Sham Beaux5
J Street Price: $$
Ever wanted to pair shiitake chowder with Serbian wine? You’re in luck! Ro Sham Beaux’s moody, intimate venue specializes in natural wines and luxurious small meals. A must-see!
Casual vibe Bougie vibe
No food options Full meals
For newbies For enthusiasts
Good News Wine6
20th Street, Ste 150 Price: $$
Halfway wine bar, halfway bodega for your charcuterie-inspired picnic, Good News Wine offers a high-energy vibe. The perfect pit-stop before or after the Midtown Farmers Market!
Casual vibe Bougie vibe
No food options Full meals
For newbies For enthusiasts
Welcome
Acheson
19th Street
Acheson, being across from the BARK Park, is the neighborhood’s favorite easygoing hangout spot where you can bring the pup. We love the wine growler refills. Oh, and they deliver!
Casual vibe Bougie vibe
food options Full meals
For newbies For enthusiasts
How
Have you grown tired of the tedious responsibilities that come with land lordhood? Of course you have! No one enjoys coordinating with tenants for utility bills, late-night emergency maintenance requests, or forgoing that family skiing trip in Tahoe to deal with a flooded basement from a once-in-a-de cade record-breaking storm. It may be prudent to have your broker track down your next coupon-clipper property.
While there are several lease structures out there, an “Absolute NNN Lease” is the one that creates a truly hands-off investment.
Historically adopted by corporate retail tenants such as Starbucks, Chipotle, Safeway, and the like, the goal of an Ab solute NNN Lease is to allow the Tenant to have complete control of their real estate while not having to actually own the property.
That’s right, you, as the owner of one of these properties, are paid rent in exchange for staying away from any responsibilities related to the building, so long as the Tenant is occupying the property. There’s even a clause in these leases titled “Quiet Enjoyment,” which specifies that the Landlord is not to in terfere with the Tenant’s operations or any building matters unless absolutely necessary.
A happier spouse; a more genuine rela tionship with your kids; more time for your hobbies. As an owner of this type of asset, this quiet enjoyment leads to countless hours of free time compared to a management-intensive investment.
Aside from the personal freedom pro vided, the structure of an Absolute NNN Lease results in the following distribution of operating expenses be tween Tenant and Landlord.
Tenant:
Property improvements
Property taxes
Property insurance
Roof repairs Utilities
Landlord:
Trash
Janitorial
Structural repairs
Plumbing repairs
Landscaping fees
The burger they buy if they ever visit the site
While these investments are readily available nationwide, the competition and barrier to entry to secure one of these properties requires punctuality, strategic deal structure, rapid due dil igence investigations, and the exper tise to analyze all factors that lead to a reliable source of income for 20+ years to come. In other words, getting one re quires you to work with a broker. Oh, and they require a lot of cash on hand. If you, like many of our clients, have worked hard to build up a portfolio that is now eating away at your free time, chat with your broker about trading into a few Absolute NNN prop erties. Because you could be sipping a mojito on the beach right now instead of thinking about real estate...
Our client Jim reached retirement and had built a solid portfolio of real estate. However, the time and risk involved with these assets were no longer a fit for him. After selling his multitenant retail center in Sacramento and enter ing into his 1031 exchange, we helped position Jim to secure multiple NNN assets (one being the top-performing Wendy’s in Tennessee and the other being a Freddy’s in Omaha). Following close of escrow, Jim enjoyed radio silence from his new tenants and went on a three-week honeymoon with his wife in Europe. Rent pay ments accumulated in his mailbox, awaiting his return. Jim took the leap on a hands-off in vestment and now enjoys abundant free time. With commitment to the process and a quali fied brokerage team, you too could be like Jim!
Sometimes, owning even a single invest ment property feels like a full-time job. But it doesn’t have to! Introducing the Triple-Net Leased Investment.JACK SCURFIELD - DIRECTOR
HHow do you, a non-Midtowner, convince everyone that you’re a local to be respected and taken seriously? Learn the unspoken rules of Midtown and avoid public ridicule!
Am I a jerk if don’t tip at a coffee shop or counter service restaurant?
Depends on who you ask. Burger Patch employees will say yes. The general public will hem-and-haw before saying no and complaining about how every place pressures you for a tip now. But if you want to be a regular there, tip.
Is it okay to talk to randos in the elevator at the office / parking garage?
If there are fewer than seven people, no. However, if the group includes sev en or more, it has achieved Elevator Humor Quorum and someone is re quired to make a remark on the lack of space to relieve the tension. If another member of the group makes the re mark first, you are obligated to chuckle quietly while looking downward.
Where should I look when someone is walking toward me on the long, straight sidewalks?
Staring directly at other pedestrians during your entire 30 second approach could result in an emergency neigh borhood watch meeting. Obviously the correct behavior is to rotate your gaze between tree trunks, house address numbers, and sidewalk cracks.
How do I talk about how cool Midtown is without sounding pompous? Don’t mention it at all unless someone asks how you’ve been enjoying the city or you’re in a lively conversation about urban planning. Never force people to talk about how cool your city is (“That’s cool, almost like Midtown... what? Oh, yeah, I live in Midtown. It’s amazing”), a cringey act whose legality is one of the few universally acknowledged downsides of the First Amendment.
I’m vegetarian and am hosting a small dinner party. Am I obligated to accommodate meat-eaters?
Probably not. Think of it this way. Whereas vegetarian foods are like the standard basin toilet - usable by all, meat products are like urinals - useful to a narrower percentage of the popu lation. Therefore, meat-eaters can be ex pected to put up with a vegetarian meal.
Can I pet cute dogs I see on walks?
The owners are probably a bit “over it,” and honestly, the dogs seem like it too, lately. Between the BARK Park and Sut ter’s Landing, Midtown dogs have a lot going on. Next issue of GRID: Are our dogs TOO busy?
One-wheeling to work Walking to work
Taking mushrooms before brunch
Going to LowBrau during the workday
Buying meat at the farmers’ markets
Being able to throw a frisbee with accuracy
Complaining about how many cars are parked on the street
Thinking food trucks are supposed to be cheap
Going to The Cabin, University of Beer, or Goldfield Trading Post
Ordering food while wearing sunglasses
Enjoying AM radio
Having someone get out of the car to help parallel park
Find a piece of furniture in an alley which you actually incorporate into your home
Complain about the Brew Bike, even if you like it and probably would try it given the chance
Attend a house party in an 1800s-era Victorian home
Drink decomposed granite that got in your stein while playing cornhole at Der Biergarten
Steal a succulent from a restaurant’s outdoor planter box
Get followed home by a cat
Successfully intervene as a Sac Parking En forcement officer writes you a ticket
Meet Aaron Marchand one day and then see him everywhere after that Are forced to stay up late while a DJ show rages on at 20th & K
Nowwith more cynicism!
The sidewalk is our modern forum. It’s where we see who our community is composed of, what their dogs look like, and how poor their public manners are. Know common sidewalk faux-pas and save yourself from being labeled, that person!
Sidewalk
Riding a bike on the sidewalk
Makes a peaceful walk kind of intense
Side-by-side walking or holding hands
Dangerous for pedestrians
Polite people have to reroute
Also dangerous for riders
5 6
Interacting with anyone who seems dishevelled
Sharing how much they actually enjoy the Golden Road Brewing beer garden even though it’s corporate
7
You approach an intersection on your bike as a car pulls up
the intersection since they need to stop anyway
Using too long of a dog leash
Scurry
Pedestrians can be clotheslined
from the
Use the stop sign because we live in a society! With rules!
Offer to buy their
Bag the turds and
OWN (important)
them
8
“These leaf blower crews really inspire a sense of calm and relaxation within me.”
“This lifted Dodge Ram 2500
“Yoga? You mean the stretch regimen with a cult following?”
“I don’t have allergies.”
oopsie!”
“Don’t pet that cat.”
“A man? In a pink shirt? What is the world coming to?”
II’ve said it before, and I’ll say it again since it’s even more relevant: Now is the best time for a commercial real estate transaction wheth er you’re a buyer or a seller. Opportunities always reveal themselves during times of crisis, and “this recession” is no different!
We’ll never be in a recession if we just keep changing the definition of what a recession is. *taps temple smugly* All kidding aside, there were definitely signs of hyperspeculation in the form of useless digital NFTs selling on vir tual markets for seven figures. If that feels like ages ago, you are not alone. So much has changed since the market peak, but a lot also hasn’t - including my belief that now is the best time to buy or sell commercial real estate. How can this be? In normal deals, one party usually comes out ahead based on the market’s headwinds. And while this may be true, we’re going to look at how this period of time is one of the rare instances outside of kindergarten kickball where everyone is a winner!
Why now is a good time to sell: Having the largest possible pool of buyers will create the greatest lever age for the seller. Right now, there are still a sizable number of buyers in the market. But as inflation continues on and interest rates creep up, the market will grind down. The pool of buyers is shrinking and the odds are low that you’ll be able to sell later for more than what you can now. Read that sentence again. Are you really prepared to wait six to ten years for what you consider another fair disposition opportunity?
For property owners who don’t want their investment strategy put on hold for a real estate cycle, the best time to sell was yesterday - and the second best time to sell is right now.
Why now is also the time to buy: Buyers want two things, the property everyone envies and the price everyone envies. And while we haven’t yet seen prices drop to the “Furniture Store go ing out of business sale” level, we are seeing historically unmotivated sellers reconsidering their stance.
You know that dreamy building you always drive by? The one that keeps catching your eye but has never had a sale sign? Now may be your best chance to buy that building. Owners know the future is uncertain and, while it’s not guaranteed they’ll sell, anyone prudent is going to entertain all options in a time of uncertainty.
Additionally, with buyers becoming rar er and harder to court, many sellers are going to feel a sense of urgency and con cede on pricing. However, it may not be wise for a buyer to wait until the depths of the recession to purchase a building in hopes of achieving the lowest price because inventory will no doubt be sev erally depleted...by TCRE clients. But to play the game, you need someone who can get you a seat at the table. Tell a broker you want that building before someone else swoops on it!
Have been lurking in the shadows, watching, waiting...
PEOPLE WHO BUY REAL ESTATE DURING A DOWN MARKET
EMO KIDS THOSE HOT DOG VENDORS OUTSIDE OF MIDTOWN BARS LATE AT NIGHTRelevant again for the first time since 2010
Appreciated, but no offerings unique from their peers
Know people around them are weak and will succumb to temptation
“The number of events has exploded and put this city on the map. This city has some talented musicians and DJs and the scene continues to grow and evolve. Led by teams like THIS, MIDNITE Events, HOF, Flamin go House, & more, I look forward to the upcoming events and projects here in the 916.”
- Joseph F. Lozoya V Project Coordinator - THIS Events & Community Manager - Drake’s The Barn
Lost in Groove
Michael Murza (Amicus)
Scott Wike (Scottie Scribbles)
Donald Burnett (Miagma)
Austin Fox (AJ Fox)
Patrick Ghilarducci (4941464)
1
From our first show onward, Lost In Groove has consistently focused on bringing the best underground techno and house music to the growing Sacramento scene. We aim to raise the bar with each event so you can trust that every party will be better than the last, even if you might not recognize the headliner’s name. We hope to provide you with a soundtrack you didn’t know you loved, among a community you already know you do.
We were tired of going to San Francisco for underground techno and house events, and knew there was a community in Sacramento that felt the same. We wanted to bring that same energy to Sacramento and provide peo ple with a local outlet to dance, to let go, and to belong. When people come up to us and tell us how much our events mean to them, that’s what inspires us to keep hosting events and coming up with new ways to push the under ground scene forward.
Midtown and Downtown have such a rich and vibrant music culture, it’s humbling to be able to be part of this scene. This variety has given us the opportunity to develop different concepts at multiple venues, including day parties on both Saturday and Sunday, stage take-overs for larger events, as well as our flagship event, Technosa ic, being the only permitted after hours party in Sacramento (sometimes going until 4:00 AM).
We’d like to give a shout out to Chris Shel ton, who goes by Undecided and consistently shows up for the Sacramento music com munity both as a DJ and as the host of Make Friends Radio. We encourage everyone to check him out and give him a follow.
2
4
What can we expect at your shows? What inspires you to make music?
What is your favorite Sacramento
WWhy do you support local music? Is it because music gathers the community together, thus benefiting it by forging a collective identity? Or could it be that going to local shows gives the outward impression that you’re a cool person plugged in to the famously creative and youthful Sac music scene? In our office, it’s both!
band / musician that isn’t yourself?
3 What, to you, is the best part about performing in Midtown / Downtown?
My shows are solo acoustic covering my favor ite Rock and Pop songs from the 60s to now, but I sway heavily towards 90s and 2000s because those are peak millennial vibes. I’ll occasionally throw in songs from some of my personal projects. I enjoy the challenge of matching the crowd’s energy, but I tend to favor more fun, high-energy songs.
Music for its own sake is my biggest inspira tion. Rhythms and melodies can evoke more emotion out of me than anything else I’ve ever experienced. It’s incredible how a song or a show brings people together in a time when we need that most.
Having grown up playing in various bands in the Sac area, it’s pushed me to explore new ways of approaching music I never would have thought of otherwise. The cover band scene is its own treasure as well - there are countless talented musicians who put their own unique spins on our favorite songs. Live music adds so much to the drinking and dining experience, and it’s amazing to see peoples’ faces light up when they hear a great song that they had forgotten about.
Brolly has been around for a long time and Jake is still putting out incredible music. Tim Brown has a great sound and his band the New Crowns were instant Sac staples. Chrome Ghost has taken the doom/metal world by storm and consistently puts out gorgeous heavy music. I’m not the primary songwriter in my bands Manresa and Made for Messes, so I count myself lucky to be involved with projects alongside such talented people.
Genre: Rock / Pop
1
2
4
What can we expect at your shows?
What inspires you to make music?
What is your favorite Sacramento band / musician that isn’t yourself?
Quynn Meyers-Keller Plays in: Manresa, Made For Messes, Plaid City
3 What, to you, is the best part about performing in Midtown / Downtown?
@quynnmk
SEE WHICH BAND
WEEKEND!Quynn adding some vibes to the DOCO shopping and dining experience in Downtown.
Genre: Americana / Indie
Autumn (Otto)
Sarah Reiwitch
Tony Ledesma
Andre Fylling
Jim Soltero
1
A lot of sing-along choruses, heavy hitting lyr ics, super tasteful arrangements. A big, sweet crowd of folks who say drive safe before they leave for the night. Safe spaces for marginal ized folks, hyping one another up like loving cheerleaders.
2 What inspires you to make music?
We take the old foundational blocks of folk and make them reflect a more progressive, diverse world. Songs about humanity, songs about breakthroughs, songs about processing the things happening every day.
3 What, to you, is the best part about performing in Midtown / Downtown?
The queer community and where it is, and continues to go, really inspires me. I learn something new every day.
4 What is your favorite Sacramento band / musician that isn’t yourself?
I’ll never stop talking about Spacewalker. She’s a beautiful epicenter of music and cre ation in general. I’m excited to see everything the universe has for her in store!
Craving a larger-scale show with some fresh air? Sac’s full of rad outdoor events! Will you be at any of these, or are you boring?
Sol Blume
Concerts in the Park
Sac. Music Festival Pops in the Park THIS 916
Discovery Park Cesar Chavez Park Old Sacramento East Sac Parks The Railyards
The Warm Up Block Party Banana Sundaes City of Trees
Golden Sky Country Fest. Aftershock
20th & K Street
Flamingo + Youssefi Sq
VISIT HER INSTAGRAM AND MESSAGE HER TO GET INFO ABOUT THEOPEN MIC NIGHTSHE HOSTS!
“Music, live music especially, is the lifeblood of any city. Sacramento is so rich in festivals, music venues, and artists. The fact that we have so many talented folks here put ting out music makes the city very attractive to anyone searching for a place to move.”
- Kayla Simmons
Frequent Attendee of Local Concerts
Terraced, vertical design? Nice. Ne on-adorned decorative embellishments? You have my attention... Symmetrically placed lion statues? Oh BABY!
You sense it in that lamp you bought at Target. You notice it in the back ground of that moody noir film. And you probably feel it when gazing into the distorted shapes through a glass block wall in your dentist’s waiting
room. I’m speaking, of course, about Art Deco design. It’s rare in Sacramento, but if you’re observant, you can spot elements of it in buildings around the Grid. But what even is Art Deco?
Top: Built in 1940 and remodeled in 1999 into an Imax the ater, the Esquire Theater exhibits classic elements of Art Deco style, but interestingly, drops the closely-held tenet of sym metry. Middle left: This apartment at 2515 S Street shows elements of Art Deco in its symmetrical design with simple geometry but dramatic shape. Note the linear decorative frieze design near top. Middle right: The Art Deco lettering on the Forum Building in Downtown Sac. Bottom: The city’s best Streamline Moderne home specimen at 2131 17th Street.
Like many turn-of-the-century art movements, Art Deco was borne out of insecurity, or, more specifically, a de sire to demonstrate that the creators were better. And, as with many things rooted in the desire to demonstrate betterness, the French are responsible for it.
The movement began in the early 1900s. French furniture makers grad ually lost their dominance over furni ture exports to German builders and there was great concern that Paris would no longer be seen as the Mec ca of the arts. To counter this, France hosted the legendary International Exhibition of Modern Decorative and Industrial Arts in 1925 to showcase a new modern style of design cropping up in Paris called “Arts Decoratifs” –Art Deco. The style was well-received and quickly became adopted by artists worldwide.
Sleek lines, symmetry, geometric orna mentation, high-contrast colors, and non-western decorative patterns are hallmark qualities of Art Deco. Also heavily incorporated are materials like shiny metallic plating or high-quality “exotic” woods imported from French colonies. And reinforced concrete, a new innovation at the time, allowed
for fresh architectural forms which could not be achieved before.
Buildings in the original Art Deco style are linear, vertical, and terraced in a way which emulates what archi tecture nerds call the “classical tri partate division” of base, shaft, and capital. Though geometrically simple, these buildings feel heraldic.
Here in Sacramento, Park Tower stood as the city’s tallest building when orig inally built and is a late revisitation of Art Deco. The vertical relief lines lead ing up to a fluted crown adorned with sconces and symmetrical terracing showcase the powerful upward move ment of Art Deco architecture.
The style enjoyed heavy usage in gov ernment buildings, commercial tow ers, and luxury cruise ships through the 1930s, but it fell out of fashion by the 40s and seemed completely aban doned after WWII in favor of more practical styles of modernism with less ornamentation. Ultimately, postwar modernism ushered in ideological changes regarding nationalism, eco nomic inequality, and the practicality of decoration which pushed Art Deco out of the zeitgeist.
In Sac, most of the Art Deco buildings you’ll find are actually of a later substyle called Streamline Moderne. These are the buildings you see with smooth rounded corners, glass block walls, porcelain tile-covered exteriors, and neon-trimmed decorative molding. Streamline Moderne architecture is lighter on the ornamentation and con sidered a reflection of the austerity of the Great Depression.
Recently, Art Deco architecture has be come popular with commercial office and retail tenants, but the style didn’t really reach Sacramento until 1940 when it was already being replaced by Modernism. Because of the popularity of Art Deco buildings and their limited number, they command a higher price point than other spaces of comparable size and condition. So, although their relative rarity bums me out, it also in creases value for their owners, which is something I can always appreciate.
Art Deco was introduced as an opulent display of wealth and buildings of this style were expensive to construct. To some, Art Deco design represents a forgotten time, before the great de pression, which emphasized opulence through architecture. To others, the smooth facades and geometric angles of Art Deco stand out as a respite from some of the less expressive architectur al styles that followed. For me, though, Sacramento’s Art Deco buildings add to the collage of diversity – both architec tural and human – that makes Sacra mento a special city.
Turton Commercial Sacramento
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Firm with most off-market deals
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Highest average value per bike in the Grid
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Best urban retail leasing in Sacramento
Only magazine publisher & real estate firm rolled into one Best brokerage industry splits
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Turton Commercial Real Estate Sacramento
https://turtoncom.com/
A boutique firm made up of fresh agents and creative marketers with a passion for Sacramento.
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Say “on your left!”
Time
Maybe you want to test the limits of your physical endurance. Maybe you’re after the camaraderie. Or per haps you just need an excuse to shave your whole body and wear skin-tight outfits. Either way, all of the above can be found in the Sac cycling scene! Regularly-occurring group rides in town and along the river with sea soned riders may seem intimidating, but rest assured - people are chill and there’s a type of ride for every skill level.
One of my favorite aspects of the group rides is riders from all walks of life. In my River Ride crew, we have the CEO of a wealth management company, a local artist, a manager at SMUD, a bartender, etc. In this sense, the rides are a swatch of the beautiful variety of people that call Sacramento home. For me, the people you meet are the best part of joining the rides. Sure, training up for the races is fun and is
Frequently-asked questions:
the “destination,” but the sense of com munity is the “journey” to be enjoyed.
For example...
One afternoon, I left the office for a meditative solo ride. My daughter got sick with a head cold the previous night and, even though she was to tally fine, I was rattled and needed to clear my mind. On the trail heading to ward the sunset, I remembered a mo ment from her toddler days when she was first learning to talk and I teared up a little, reminiscing about the days past, but also excited to one day ride along side her in this same place. I was in the flow. Mind, body, and spirit connecting... But I was clearly going slow because suddenly, Steve, one of my teammates who I hadn’t planned to see on the trail that afternoon, rocketed from behind and flew past me shouting, “on your left, slow f*ck!” I smiled. And I needed that smile. That, to me, is what friendship looks like.
The
10% espresso
Aero helmets
Coffee shops are a big part of the culture. It’s where we catch up about family, talk shop about bikes, and retell the same five racing stories! Find us in the wild here:
Temple Midtown
Camellia Coffee
Goodside Coffee
Immortal Coffee
Temple East Sac Station 38 Coffee
Monday Night River Ride
Distance: 43 miles
Start location: Chevys on the river Start time: 5:10 PM, March through October Difficulty: 8/10
Tuesday Lunch Ride
Distance: 26 miles
Start location: Chevys on the river Start time: 11:40 AM, year-round
Difficulty: 6/10
Thursday Airport Ride
Distance: 42 miles
Start location: Chevys on the river Start time: 5:40 PM March through October Difficulty: 8/10
Friday Morning Coffee Ride
Distance: 22 miles
Start location: Bella Bru on Fair Oaks Blvd Start time: 7:00 AM, year-round Difficulty: 5/10
Saturday Morning River Ride
Distance: 43 miles
Start location: Trek Bicycle in Midtown Start time: 10:00 AM (A), 9:40 AM (B), year-round Difficulty: 8/10 (A), 6/10 (B)
Sunday Kinetic Gravel Ride
Distance: 35-45 miles
Start location: Kinetic Cycles Start time: 8:00 AM, year-round Difficulty: 5/10
Pacos 2028 K Street
Primary Brands: Specialized
Trek 2419 K Street
Primary Brand: Trek
Mike’s Bikes 1411 I Street
Primary Brands: Cannondale, Cervelo, Giant
East Sac Bike 5520 H Street
Primary Brands: Various
In Velo Veritas 1007 2nd Street
Primary Brands: Pinarello, Open
Percentage of existing offices that can feasibly be converted into residential (approx.)
Percentage that can’t
Source: Moody’s Analytics CRE
units on floors that previously had only one centrally located restroom and utility core.
Elevator size requirements are more ADA rigid in apartments than those in office buildings where it is common to grandfather existing cabs. These obvi ous differences don’t even address po tentially significant civil infrastruc ture and power requirements.
Beyond that, any remaining office ten ants will likely need to be vacated to begin the conversion process, and that can be difficult depending on lease terms.
That is to say, it’s tough. The stars need to align for an office building to be made into apartments.
However, while most buildings don’t have the qualities to be converted from office to residential use, some do and there are definitely more conver sions coming. Over 32,000 new apart ments have been created in California since 2020, 41% of which are in former office1 . So it is happening and it can be profitable. If you want to explore this growing market segment, call a firm that specializes in redevelopment (like us)!
You’ve probably asked the question yourself, or at least heard someone else ask it: why aren’t we converting unused offices into apartments to ease the housing shortage?
Working-from-home changed things, and the upcoming tumultuous eco nomic waters will push firms into more efficient floor plans which will increase office vacancy significantly. And with Sacramento being the most popular destination for migration from Los Angeles, San Diego, and San Francisco, we can anticipate the hous ing pressure to increase. It only seems reasonable to retrofit office into living spaces considering how many people work from home while so many others simultaneously need places to live, right? This could change everything! Unfortunately, no. While nice in theory, buildings re
quire a unique combination of char acteristics to successfully transition from office use to residential use.
Office buildings are often composed of tilted concrete walls or some com bination of cinder block, concrete, steel, and glass which include signif icant sheer walls for structural stabil ity. These types of walls make it very difficult to carve windows to meet required lighting standards for each apartment unit.
Additionally, office buildings usually have large floor plates over 100 feet deep. This translates to long, narrow apartment units with barely any win dow access – an unrealistic scenario (and potentially a code violation).
Then there’s the massive engineering project of adding dedicated plumbing to each unit as well as separately me tered electrical and HVAC systems to
Most of the Grid’s large office buildings have deep floor plates over 100 feet, meaning that interior spaces are too far from windows for residential use. Finding the right offices to convert is challenging!
TThe concept of converting unused office towers into huge apartment complexes isn’t new, but definitely has become a popular proposed solution to the housing crisis. However, is it realistic for every building?
CONVERSIONS?
Some floor plates just don’t work!
“I guess they were technically telling the truth when they said ‘window line across whole exterior wall...’”
TO THE SUBURBS A
Ahh, yes. The natural lifecycle of a Sacramentan. Move to Midtown, make friends, build a career, fall in love, and then swim upstream to spawn in the suburbs. A tale as old as [post-WWII]. But it’s a tradition that’s being upended by the lack of urban amenities which are favored by the next wave of migrants. We have an idea to keep them coming!
lennials and Gen Z-ers?
We think suburban municipalities should focus on building dense, mul ti-story, mixed use ‘town centers’ which can provide the urban lifestyle people are after. The idea is to take a large piece of available land and fill it in with city-like apartment buildings, offices, retailers, and walkable streets to attract a demographic which leans more well-off and educated. In most suburbs, this type of development is feasible thanks to the relatively inex pensive land, ease of accessibility, and large local populations. These town centers can be a regional draw with forethought given to the architecture, layout, integration with a master plan, and programming (music, events, fes tivals, etc).
The preferences of the average Northern Californian are changing.
Although the region’s suburbs are currently thriving, it appears the in coming generation of young families wants a more urban experience. We’re hearing more and more that, while the suburbs have many great qualities, they lack a sense of community and
connection with their neighbors, and that homogeneous zoning sprawls the area apart making everyone too reliant on cars. Overall, we’re seeing a large shift in preferences toward ex periential retail, lower car dependen cy, and being part of a community that has a lively culture – things that just don’t exist in the traditional suburb. So what should suburban municipali ties do if they want to hold on to Mil
Believe it or not, incorporating a miniature city into a landscape of single-family homes can be quite tastefully done in the right location. Generally speaking, these types of developments are best situated along a main arterial road, amongst newer housing tracts, and near a greenbelt, park, or college.
Inside the site, we envision develop ers creating communities that feature
public green spaces, clusters of restau rants, mid-size entertainment venues, and upscale hotels all centered on a plaza that acts as a community gath ering spot. Aesthetically speaking, these neighborhoods will be decked out with modern architecture and abundant landscaping. Oh, and they need a multi-story parking structure or else it risks being surrounded by a moat of asphalt in the form of surface parking lots thus tossing the project’s walkability out the window. What should we call this new hybrid urban/suburban style development?
I’ve heard a few ideas and they’re all terrible: “surban,” “urb-burbs,” “mi ni-metros,” …if you have any better ideas, let me know.
Oh, and would you look at that! Our firm is actually in the process of help ing the City of Elk Grove build their first city-style development called Project Elevate right now. It’s a 20 acre parcel zoned for high density mixeduse development and is directly adja
cent to the City’s new cluster of ameni ties called District56. Being among the most desirable properties in the re gion, the City of Elk Grove spent years carefully considering and envisioning the brand, direction, and development of the project.
At its full build-out, Project Elevate will likely feature the following:
• 600 - 900 multifamily units; 15% affordable
• 100,000 - 125,000 SF of urbanstyle retail space
• 100,000 - 125,000 SF of creative office space
• And a 100 - 150 room hotel
Turton Commercial Real Estate is re tained by the City of Elk Grove to mar ket their site to developers to buy and build Project Elevate. Recently, the
City of Elk Grove announced that they selected international development firm, Hines, to erect this incredible site.
Dense projects like these are expect ed to change suburban areas over the next 10 to 20 years. Personally, I see them replacing strip malls, of fice parks, garden-style apartments, and disparate community gathering points with something more social and environmentally-conscious. Den sity, when combined with thoughtful architecture and human-scale design, will be the future of the suburbs.
These neighborhoods will attract new amenities like organic retail, experi ential entertainment, and top-notch workplaces not typically seen in the suburbs. Residents will benefit from the fabled “live-work-play” lifestyle, in which all aspects of one’s day can be taken care of within a small urban area. And, I may be speaking too soon, but I foresee high employee retention rate for companies locating in these developments.
On a more macroscopic level, dense developments like these benefit mu nicipalities by branding the area with something that creates obvious dif ferentiation from competing subur ban markets and ultimately attracts growth from a regional scale. I guess the significant additional property and sales tax revenue is nice, too!
Begin outreach, branding, and market ing of the project vision early. Rezon ing, revitalization, planning work per formed now by local governments will lead to transformed, dense, thriving city blocks soon. Forward-thinking municipalities will consider altering their current general plan, loosening zoning regulations, and offering de velopment incentives. Pre-building municipal infrastructure like roads and sewers also goes a long way to entice development. But ultimately, working with a qualified commercial brokerage team will get the best re sults the fastest.
The suburbs have a tremendous amount to offer, but they still rely strongly on traditional car depend ent transportation. Urban-style town center developments don’t only mit igate suburban sprawl, they can be a step toward a denser, more metropol itan future.
If you want to change your city, we’re here to help!
Vegan
A newer face on the Grid, this pizza joint differentiates itself from the rest with their huge menu of vegan options and an ice cream bar stocked with unique flavors. Their pizzas may feel a little pricier when compared to calorically-equivalent options, but you get what you pay for - this is some of the best ‘za in town!
1413
Rajas Tacos
Tucked very tightly between two of fice buildings, Jalapenos is arguably the cutest compact Mexican restau rant in the city. You truly can’t go wrong when choosing from this menu, so have fun and try something new! And for the budget-conscious, I high ly recommend $1.00 Taco Tuesdays or $2.00 Tostada Thursdays.
Just as you can’t judge a book by its cover, you can’t truly gauge how good a restaurant is by its marketing presence alone. And while popular local restau rants are well-known for good reason, there are some remarkably under-hyped restaurants on the Grid that deserve your attention. Check out some of our office’s favorites!
Some of the best (and healthiest) food you can find in Midtown comes from Kasbah. If you don’t know what labne or tabouleh is, prepare for a new ob session! Moody lighting with draped tapestries, belly dancers, Middle East ern music, and a lively central bar make this one of the neighborhood’s best kept secrets.
4 Persian place - 1501 16th Street, Ste 111 - $$$
Must try: Persian Ice Cream
Another Middle Eastern restaurant on our list? You bet! Maydoon is distinct ly more well-lit, modern, and fami ly-friendly than Kasbah’s Turkish-bo hemian vibe, and is the perfect place for someone hoping to host a business meeting or family dinner over a more memorable type of food. Get the hot tea with your dinner - it’s a must!
5
Taco kiosk - 5088 Folsom Blvd - $
Must try: Chicken Tamales
Okay, this one’s a little bit out of the Grid but it’s worth the short drive into East Sac! You’ve probably seen Island Tacos - it’s that tiny kiosk near the Trader Joe’s parking lot. Grab a plate of tacos and sneak a six pack from the neighboring Track 7 Brewing to the outdoor dining tables and have a good time!
6
Thai spot - 2502 J Street - $$
Must try: Fresh Rolls and / or Tom Kha Soup
As an office tenant, knowing when to reach out to your broker can give you a huge advantage. And by “your broker,” I mean me!Adhui cerive, Ti. NatelicIpimil It. Ostribu losturnit. C. Otiae nonsilium cerium, ci se tem, ut cerra con rehempl inaremur. Saties condius. Mortem optem at. Mulvium te omnissoludam et; num in
How is food this fresh, flavorful, and affordable? Drunken Noodle is not named after alcohol inebriation, but rather the wide, flat noodle of the same name. However, this spot is known for having $3 beer roulette so drunkenness here is not out of the question! Great for vegans, vegetari ans, and general Thai food lovers.
Corti Bros gets all the attention, but Sampino’s Towne Foods deserves its time in the spotlight for their delight fully old school American Italian fare. Sandwiches, pasta plates, desserts, and counter service entrees give you huge a variety of options. My favorite, though? The fresh-made-daily raw pas tas. This should be your first stop!
Bonus! Do a taco-eating contest at Jalapeños and see where you score on the leaderboard. Current unofficial reigning champion is Midtowner Gina Chipotle with 15.5 tacos!
7 American Italian - 1607 F Street - $$
Must try: Meatball Sub
Island Tacos
Drunken NoodleMaydoon
WHERE WILL YOU THERE MAY BE A DOWNTURN COMING.
Commercial real estate continues to provide strong cash flow returns in spite of a gradual economic slowdown.
Owners have enjoyed massive asset appreciation over the last decade. Cap italization rates and price per square foot valuations are at, or near, record highs. Clearly, times have been very good… but now’s not the time to get complacent.
Now is the best time to borrow against your equity to build a solid invest ment and / or rainy day fund.
If you remember the last real estate cycle downturn, many valuations fell resulting in discounted purchase pric es for cash buyers.
But by obtaining a reserve of cash, you not only acquire an investment war chest, you also offset potential risks for low-liquidity situations and impacted debt coverage positions. Most lenders install credit freezes on assets that are underperforming or are at breakeven cash flow, so having reserves in a downturn is hugely ad vantageous.
Covid demonstrated how quickly pos itive cash flows can be impacted with
vacant units, late rent payments, and non-payments. Property expenses continue regardless of property in come.
Borrowers hoping to maintain their rock-n-roll lifestyle should plan for unforeseen events by having a reserve account in place.
Do you have enough reserves to achieve your goals through this mar ket downturn? Our finance division at Turton Commercial has helped many property owners obtain an unrestrict ed cash-out. While some investors are seeking to take advantage of future opportunities with these funds, oth ers are padding their reserve accounts to plan for emergency expenses. As The Borrower’s Advocate, I work with banks, credit unions, SBA lenders, and bridge funds to help clients meet their Commercial Real Estate financing goals. Let’s chat about options!
A new face on the Commercial Finance team:
We’re stoked to welcome Madeleine Schlieter to the Turton team! Our Commercial Mortgage division closed a record production in 2022 and the addition of Madeleine to our team will accelerate our growth. The Commercial Mort gage division specializes in the placement of debt; representing borrowers exclusively to ensure best in class pricing and structure. It’s a dynamic and demanding industry, and we have high hopes for Madeleine!
Recently, a client of ours asked if we could finance their purchase of a 49 acre site with a vineyard. While they had the minimum down payment, we focused on the two 5,000 SF in dustrial buildings they owned at low leverage positions. We executed a cash-out refinance. TCRE completed the 10-year loan at 4.99% fixed, reducing their previous interest rate and providing the cash needed to purchase the new property. This saved the buyer $35,000 per year on mortgage payments!
UNDOUBTEDLY, THE FIRST QUESTION YOU SHOULD ASK YOURSELF, IS “WHY?” OH, YOU THINK YOU’RE A GREAT HOME COOK? CONSIDER CATERING FAMILY EVENTS FOR FUN. BECAUSE OWNING A RESTAURANT, THOUGH POTENTIALLY REWARDING, IS AN ALL-CONSUMING ENDEAVOR THAT BREAKS MOST PEOPLE. STILL UNDETERRED? READ ON!
There is no easy way to say this: you will need a significant amount of mon ey to do this properly. Personal loans/ investment from family and friends is likely the easiest route, but consid er this: 17-60% of restaurants fail in the first year, and 80% don’t see their 5th birthday. How much do you value those relationships?
SBA loans are an option (and we have a guy for that) but have an exhaus tive application process, may require you to leverage your family home and other personal assets, strongly favor those with existing experience, and currently have a significant backlog, with approval times up to 90 days.
Top left: You want to open a restaurant? Prepare to eat your money - every aspect of it will be expensive!
It is no secret that inflation and sup ply chain issues are wreaking havoc on the construction world, but did you know that costs are up 33% since the start of the pandemic? Daunting to be sure, and that doesn’t take into account the lack of contractor availa bility.
Let’s say that you’ve managed to find a GC (that has actually built a restau rant before, ideally) and are able to get that person aligned with your opening timeline. Have you project managed before, even a minor home remodel? Does your budget have a minimum 20% contingency fund baked-in to address inevitable change orders and overruns? Do you have the ability to start paying rent before you open, knowing that completion of the buildout can take 1-3 months longer than anticipated, at minimum? Perhaps the most important things to consider with regard to your tenant improvements are the permits, fees, and inspections. Who will be responsi ble for submission, alterations, resub mission, inspections, re-inspections, and the fees for all of it? Remember that a City Building Inspector or Coun ty Health Inspector can ultimately control your destiny.
An alternative to a full buildout is to find a “second generation” restaurant space, with much of the basic infra structure in place and the type of use already approved with the various regulatory entities. These are in short supply and high demand, but can smooth your path to opening dramat
Familiarize yourself with all of the following: Hood systems, make-up air, Ansul systems, grease traps/intercep tors, refrigeration, ice machines, HVAC and related mechanical, Floor sinks/ drains, proper sinks for County Health compliance, proper wall and floor covering, ADA compliance, aforemen tioned gas supply, electrification ordi nance and relevant equipment, small wares, bar supplies and equipment, Robot Coupe, POS systems, small busi ness banking, drop safes, and….I could go on forever.
If owning a restaurant, bar, or coffee shop is your dream and you current ly work ~8:00 AM to 5:00 PM, Monday through Friday, and enjoy seeing your loved ones, the following should give you pause: be prepared for your life style to change dramatically. Weird hours, strained personal relation ships, substance abuse and mental health issues, a 24/7/365 “on-call” ex pectation of you, very real civil liabili ty with both staff and customers, and constantly managing conflicting per sonalities, are all par for the course in this brave new world you’re contem plating. Also: there is no pension or other retirement vehicle except the one you create for yourself (and your staff of 5+ by new CA Statute.)
F*%#ing Yelp. Pardon my language, but it, and the 10+ other major con sumer review sites are the bane of most small business owners’ exist ence. That said, they cannot be ig nored and must be properly managed, whether by you or someone else that will remain entirely dedicated to the task. The same can be said for social media: it is absolutely the most pow erful marketing tool at your disposal and must be a full-time thing.
In addition to this general online rep utation management, you probably need someone to monitor your web site activity, even if it is just basic Google AdWords and not more com plex SEO stuff.
What does all this have to do with the culinary arts? Nothing, which is the point. Budget for, hire, and pay a professional if you want you to stay competitive. Can’t afford to hire some one to run your social media? Your teenage niece is likely better qualified than you and willing to help. You can do this!
I’m sure there is something more chal lenging than being an employer in CA, but I don’t know what that thing is. We live in arguably the most litigious state in the union, with employment law strongly favoring the employee. Mandatory ABC, food safety, and sexu al harassment training requirements are both stringent and costly. 401K, human resources, and health care re quirements require a level of admin istration and compliance that may be out of reach for most start-ups. None of the above even begin to ad dress the energy and resources needed to effectively recruit, hire, train, and retain good employees. Most of what you’ve read in the news is true: there is a significant shortage of well-quali fied workers and the market for them is more competitive than I have ever seen. Speaking of retention, don’t skimp on continuing ed, team-build ing, and holiday parties: 65% of mil lennials care more about company culture than compensation!
A s daunting as this may seem, noth ing else compares to the experience of being responsible for another per son’s livelihood and development. Over 20 years in this business I have seen many people under my employ go on to open their own businesses, be come doctors, lawyers, and teachers, and get married and start families. Knowing that you played a role in that makes the hard stuff that much more meaningful.
Tracking and controlling costs and cash flow may not seem glamorous or “fun,” but it is one of the most crucial aspects of a successful small business. Your bookkeeper and CPA can make or break your operation, and the impor tance of those people being ethical, trustworthy, and highly competent cannot be understated. How many res taurant closures have you read about that cite “unpaid taxes” as a contrib uting cause? How will you know if you are being stolen from? Which bank will you choose and why? These are all questions that you MUST address before proceeding.
Your CPA will likely produce a month ly P&L and other granular reports, and it’s important for you to know how to read them. The good news is that this isn’t a mission to Mars; you are a smart person who will hire smart peo ple. You will learn from your mistakes, build resilience, and succeed.
Select a random item from each list in sequence to create your own trendy dish which will be well-received in Midtown
1 2 3 4 5
sungold sublimated beer-braised free-range farm-to-fork folk scraped
crawfish marrow pheasant bison pork belly faux-tein kraut
medley puree skewers farfalle sliders ceviche discs
I may be biased, but I strongly advise that you hire a qualified commercial broker. We can advise you on the im portance of a good landlord and the power of a well-crafted and properly reviewed lease. We can help you easily understand base rent, CAMS, percent age rent, usable vs. rentable square footage, and other potentially unfa miliar terms. We can walk you through options to purchase a building, which may include the one you are consid ering leasing, if one exists. Perhaps most importantly, we will help you be patient in finding the right location with the right amenities, access, and tenant-mix / neighbors to help ensure your success. A well-funded, properly planned, and precisely executed res
bay leaf & infused vinegar fermented turmeric-dusted artisanal agitated
Voila!
sea salt pate shell bean arugula oysters wild rice bier cheese
taurant, bar, or coffee concept can be incredibly rewarding and for some, a path to financial independence. By the time this is published, many of you will have watched “The Bear” on Hulu / FX. While it certainly doesn’t glamorize the hospitality world, it does capture, quite vividly, the human magic of the restaurant that one can only understand by doing. I can say with absolute authority that working alongside my team to survive and thrive through the Pandemic created bonds that are both difficult to de scribe and entirely unbreakable. I’ve also watched many people meet, fall in love, get married, have children, etc. in and around my employ and you will too.
Warning! Sit when reading. This article imparts high risk of falling due to spontaneous loss of consciousness.
JON LANG - SENIOR VICE PRESIDENT
YAre you prepared to read the most stimulating magazine article of your life? No, you say? Good! Because we’re talking about property sale disclosures today. You know they have huge implications on deals, but many could use a brush-up on this topic, you included!
What exactly are “disclosures?”
Disclosures are legal documents whereby the seller of real property notifies a prospective buyer of any known issues, conditions, or undis closed information about the proper ty’s condition prior to the conveyance of title.
Okay, so what is their purpose / rea son for existence?
Ultimately, they’re intended to pro tect the buyer. Disclosures give the seller an opportunity to disclose is sues that would only be known af ter living in or owning the property. These disclosed items then allow the buyer to make an informed decision about whether to purchase the prop erty or not.
What kind of info is in a Disclosure Report?
Mostly, a lot of common-sense infor mation relating to the property such as its age, type of utilities servicing the property, encumbrances, and construction materials. However, the critical information relates to “mate rial” defects, which is widely defined as anything that influences the buy er’s decision to purchase the prop erty, and should include any issues, defects, or broken items not easily identifiable by the naked eye.
To disclose, or not to disclose?
DISCLOSURE REQUIRED!
OR DISCLOSURE NOT REQUIRED!
So, what should be disclosed?
Anything that the seller has actual knowledge about and would impact the buyer’s decision to purchase the property. Examples include known defects to the physical infrastructure, insurance claims or lawsuits involv ing the property, encumbrances on title, or hazardous substances or mold located on the property. As a general rule of thumb, if the seller is reluctant to disclosure an issue in fear it will jeopardize the transaction, it is likely the type of info that disclosures are designed to expose.
What happens if a seller doesn’t disclose something?
If the seller fails to disclose an issue that negatively impacts the value or desirability of the real estate, the buy er may be entitled to sue for damages under a breach-of-duty claim. And if a buyer can prove that the seller inten tionally concealed an issue, they may be entitled to sue for additional dam ages under a fraudulent misrepresen tation claim. Spicy!
Can a buyer waive disclosures?
Nope! California Civil Code 1102 re quires the seller to make appropriate disclosures when transferring real estate to a third-party, regardless of if the buyer waives that right.
A neighboring tenant plays the bagpipes and smokes a tobac co pipe at the end of each workday (true story).
When your property was built twenty years ago, it replaced an old gas station (usually associated with contaminated land).
The building’s amazing view is going to be obstructed by a development in a few years, possibly affecting the value.
Your stately 1870 Victorian that the buyer wants to demolish and redevelop is historically registered.
A group of junkies set up a bicycle chop-shop in your building and refuse to leave, even after multiple attempts to get them out.
Top: Professor Lang calls on a student eager to learn more mundanities of real estate law! Bottom: 1903 21st Street in Midtown is a historically protected property that is avail able for sale. This is a required disclosure.
So what are best practices regarding disclosures?
Always disclose! Even if you don’t think an issue is noteworthy, err on the side of caution. If you are on the fence, consult a real estate broker or attorney!
Mandatory CYA: Jon Lang is a licensed broker and attorney in the State of California. Jon spe cializes in complex and complicated commer cial real estate transactions. This article shall not be deemed legal advice. The reader is en couraged to obtain independent legal counsel relating to its respective real estate matters.
Indicating the bounds within which the owner is responsible for the conditions.
A quality of a property which a reasonable person thinks would affect the value.
Legal term - an acknowledgment that a person should be aware of something, even without a verbal or written notice.
TThe River District, hidden in plain sight, is Sacramento’s most up-and-coming sub market and highly profitable to first-mov ers. Turton CRE is listing exciting retail for lease and sourcing off-market acquisitions.
The River District is the “worst house in the best neighborhood,” which, as any uncle at a 4th of July BBQ will tell you, is the best place to buy real es tate. It’s current state of development can be likened to how West Sacramen to’s Bridge District looked ten years ago, with long-neglected industrial properties being replaced with ultra modern apartments and beefy office towers. The scale of development hap pening here is unprecedented for the Sacramento area (see next page for details), but opportunities are drying up! Investors are recognizing the huge upside The River District presents and trying to get in before the gold rush. As with any high-growth investment strategy, there is greater risk in The Riv er District compared to Midtown and Downtown Sac, so you can expect prop erty prices of $19-$35/land SF versus $150-$200. For developers, this neighbor hood is a big canvas with a lower buy-in price and bigger upside if they can see past the grit and embrace the vision. So, let’s say you’re convinced and want to place a bet on the River Dis trict - what are your options?
Top: A rendering of the Grower’s District.
Middle: Richards Blvd Office Complex. Bottom left: Lively crowd at THIS 916. Middle right: Pipe works climbing gym.
Bottom right: The Sac Roller Derby.
Land Bank, meaning purchase a property in the River District, sit on it and wait for all of the properties around you to get developed and see your property value skyrocket. But in fact, your neighbor also land banks, and the owner next to them does the same thing. No one makes the first move to improve their property and your investment stagnates.
Value-Add Redevelopment, meaning pur chase an underutilized property in the Riv er District, invest in capital improvements or ground-up construction to attract young start-up businesses and entrepreneurs to the area, and create the next cool destina tion. Your return on cost is better than com parable investment. Call us soon!
Leased Investment. You hold off entering the market until the River District is cleaned up and built out. With very little risk and mainte nance obligations, you buy a property with all the work already done, fully leased, and new apartments and offices developed around it. Your return is very low and you have FOMO wishing you had invested sooner.
URBAN SAC’S NEXT FRONTIER: THE RIVER DISTRICT - PATRICK STELMACH
Top: TCRE is bringing together the buyers/developers and tenants/users to catalyze the in credible momentum happening. Middle left: Alchemist Public Market. Center: Mirasol Village - completed! Right: Grower’s District will encapsulate multiple new buildings. Bottom left: Richards Blvd Office Complex. Bottom middle: Township 9 was a first-mover project.
Mirasol Village
Richards Boulevard Office Complex
Alchemist Public Market Township 9Pintworks
Grower’s District
The AJ
Courthouse
The Railyards Republic FC Stadium New Bridge
District
Why it’s important: Innovative proj ect of for-sale condos used to store recreational/personal vehicles, with live/work/loft areas above. Amenities would include a clubhouse with recre ational space.
Status: Pending City approvals, con struction could start in 2023.
Why it’s important: Transformation of the dilapidated former Twin Rivers public housing into a beautiful proj ect of 487 new units, park, community garden, and new Light Rail Station.
Status: First residents moved in May 2022. Construction of the fourth phase started in July 2022 and fifth phase starts in December. The entire project will be finished in 2024.
Why it’s important: Enormous office high rises of 4,650 workers who will patronize future restaurants/retail in the area. Central town square / green pathway between the buildings acti vates Richards Boulevard with life.
Status: Construction underway and to be finished March 2024.
Why it’s important: Inclusive econom ic development food business incuba tor for under-served entrepreneurs: public market, community gathering space, commercial kitchens, outdoor food court, coffee/beer/wine café, co working, and retail store of local prod ucts.
Status: Pending capital campaign, the goal is to open in 2024.
Why it’s important: Beloved and hal lowed rock climbing gym Pipeworks (home for Alex Honnold) recently built on site a microbrewery that draws ur banites and visitors to the area.
Why it’s important: Extension north of Sequoia Pacific Blvd in River Dis trict to meet Truxel Rd in Natomas for cars, bikes, pedestrians, and light-rail to SMF Airport.
Why it’s important: Pioneering mixeduse village, the most exciting adaptive reuse of historic industrial buildings since R Street. Enormous Produce Ter minal and Ruland’s Office Furniture buildings converted into “creative” maker space, market, with restored historic brick facade, steel windows, awnings, loading docks, and plat forms. Also, three new construction five-story apartment buildings – first market-rate luxury residences in the
Status: City Council voted to approve a rezone, thanks to leadership of Coun cilmember Jeff Harris and our very own Ken Turton. Construction expect ed to start early 2023 on all three sites simultaneously. TCRE is listing the commercial spaces for lease. Contact Patrick for details!
Status: Brewery now open, manufac turing facility for climbing equipment finished, and a new restaurant under construction.
Status: City received a grant for engi neering and public outreach. 10 years in the making, actual construction still 10 years away.
Why it’s important: Largest, most in spiring project of market-rate mixeduse residential project planned in the River District with much-needed ame nities: fitness center, yoga, lounge, community room, outdoor pool and sun deck.
Status: Pending City approvals, con struction of the first phase could start by end of 2022, with the first residents moving in by the end of 2023.
for
development.”
MMike Conrad is not your average brew master. A West Point Military Academy graduate, he achieved the rank of Colonel in the Army over a distinguished 27-year career - all while brewing beer as a hobby. After retiring, he honed his skills at the UC Davis Master Brewer’s in Midtown. Now, he and his daughter, Taylor, serve up ice cold beer and good vibes at 19th & I!
Where’d you learn how to make beer?
While st ationed in Buffalo, New York, I started home brewing with some neighbors. I caught the bug and never stopped.
What is your favorite beer and food to pair with it? Can’t go wrong with a West coast IPA, chips, and habanero salsa from The Crazy Gringo.
Why did you choose Mid town for the brewery?
While it’s cheaper to be in the suburbs, we recognized the value of being in a neighborhood like Midtown. It’s walkable and bikeable. We love the whole vibe.
How would you describe Midtown?
People-friend ly, exciting, quaint, cozy, and neighborly. Midtown is the best part of Sac!
Most reward ing aspect of owning a brewery? Building a nd engaging with the community, watching peo ple enjoying themselves while they’re here, and having the opportunity to employ locals and help people. Any future growth plans? We are actively seeking a location for a second tap room. We are open to ideas!
Do you collab orate with any local groups? We collaborate with many lo cal businesses and host events here at the brewery such as tango & yoga classes, sip & paint events, video game competitions, and live jazz music. Check our Instagram for updates!
@ateasebrewingco
Where do you see yourself in 10 years?
All: At Ease Brewing occupies a cute little building nestled in a cute corner of Midtown near 19th and I Streets. Their beer is always excellent, they’ve got food trucks that roll through, and their back patio always has good vibes. Give them a visit!
What’s the meaning behind the name “At Ease Brewing?” It has a dual meaning. On one hand, the name is an ode to my military service. On the other, it’s a reminder to be at ease and to relax while you’re here. We think it com municates both nicely.
I envi sion my self watching an MLS game in the Railyards while drinking an At Ease beer!
Any advice for someone that wants to open a brewery?
*laughs* Always serve cold beer! And be prepared to work very hard and be at the brewery every single day.
JON LANG - SENIOR V ICE PRESIDENT
up
a passion for Sacramento. We tore down those divisive office walls
created a
work
where all informa tion is shared
resources with
beat client
us anytime to discuss the
Ken Turton
Aaron Marchand
Jon Lang 916.573.3302
Lic. 01934934
jonlang@turtoncom.com
Scott Kingston
Patrick Stelmach
David Khedry
Matt Axford
mattaxford@turtoncom.com
Jack Scurfield 916.573.3316
jackscurfield@turtoncom.com
Kimio Bazett 916.573.3315
Melody Jones 916.496.1527
melodyjones@turtoncom.com
for your firm or how
maximize the
of your
working for Tur
learning about the
a coffee
John McCallum 916.573.3313
johnmccallum@turtoncom.com
Brooke
Corey
Justine
Pen click. Dress shoes.
High five. Glass clink Hot latte. Cold IPA. Commission check. Eager handshake. 7:00 AM meetings. 4:00 PM cold calls. 6:00 PM happy hour. Catered open house. Techno. Champagne in the Grand Canyon. Grueling 18-mile days. Arrested Development quotes.
Jingling keys. Leather satchel. Camera flash. Avocado toast. Temperate rainforest. Homemade mead.
Lawyerly negotiation sessions.
Thin crust pizza. Acrylic frames. Drone flights. Bike freewheel hub clicking. Podcast sounds echoing from the bathroom.
Kupros’ kitchen smells. Friday afternoon White Claws. RFP victory. Big-sale-dance.
Work Hard; Play Hard. Join our team. Visit turtoncom.com.
MIDTOWN MURAL BY: @NATEPPAINTS