In a West Sacramento neighborhood that’s still emerging, a project of
apartments and retail has a new owner.
Escrow closed in mid-January for 289 Third St., a building with four
apartments and a retail space currently filled by Westside Cafe.
Tim Swanston of real estate brokerage North Coast Commercial Inc. in
Sacramento said the building sold for $1.4 million, with the owner looking
at least partially toward the future. A new bridge across the Sacramento
River to the north and a new California State Teachers’ Retirement
System building to the south are among the expected changes to the
area, known as Broderick.
“The 2007 construction and location with the Railyards coming along were very attractive to the new Buyer,”
Swanston said in an email. “It’s a long-term hold as Buyer thinks the overall area will continue to improve and
Swanston said the new owner, who he did not identify, is based in Yuba City and bought the building in a 1031
exchange to defer taxes on the sale of another property. At the time of sale, all four apartments were occupied,
while Westside Cafe, an outlet of Sacramento’s Identity Coffees, opened in the 1,990-square-foot ground-floor
retail space in 2018.
The building was sold by Riverside Properties 2 LLC, which has a Sacramento address. A message for the seller
left with the office at that address was not returned.
In addition to Swanston, Tony Whittaker of CBRE Sacramento worked on the deal.