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Sacramento Business Journal
Sacramento's tallest building is for sale. Brokers weigh in.
One of Downtown Sacramento's signature high-rise towers is on the market, with the potential to be a barometer for the local office market overall when it sells.<\p> But 400 Capitol Mall, being listed by brokers with JLL, also has some "unicorn" aspects that make it a more of an outlier than many properties, according to brokers at two other firms.<\p>
Meat-substitute maker finds tough capital market for expansion
Meat-substitute manufacturer The Better Meat Co. CEO Paul Shapiro says the West Sacramento-based company is now trying to raise a “few tens of millions of dollars” in debt and/or equity for expansion, but the current investment climate is tough.<\p> The company has nearly doubled its production of protein over last year, but it still faces a problem — it sells out as fast as it makes it.<\p>
Here's where Ethan Conrad made his latest real estate purchase
The shopping mall in Merced is getting a rebrand and new development, after its recent purchase by Sacramento real estate investor Ethan Conrad.<\p> Merced Mall, a 329,000-square-foot enclosed mall at 851 W. Olive Ave., is being rebranded Marketplace at Merced under the new ownership, Ethan Conrad Properties Inc. announced.<\p>
Here's an update on a new Safeway store planned in Elk Grove
Construction of a new Safeway store is underway at Elk Grove's Laguna Reserve Marketplace, and the center's new grocery anchor has its sights set on opening in the coming months.<\p> The retail center at the southwest corner of Whitelock Parkway and Bruceville Road has approximately 95,100 square feet of leasable space. Current tenants include Starbucks, Round Table Pizza, a Bank of America branch and a mix of medical and personal service providers.<\p>
WeWork emerges from bankruptcy, appoints new CEO
After filing for bankruptcy protection in November, New York-based WeWork Inc. said Tuesday it has emerged from Chapter 11 and completed its operational and financial restructuring.<\p> The coworking giant's new era will include a new board of directors and a new chief executive. John Santora will become WeWork's new CEO, effective Wednesday. Santora joins WeWork from commercial real estate firm Cushman & Wakefield PLC (NYSE: CWK), where he most recently served as the firm’s Tri-State chairman.<\p>
Sacramento’s community theaters strive to keep their seats filled
This story was funded by the city of Sacramento's Arts and Creative Economy Journalism Grant to Solving Sacramento. Following our journalism code of ethics and protocols, the city had no editorial influence over this story and no city official reviewed this story before it was published. Our partners include California Groundbreakers, Capital Public Radio, Outword, Russian American Media, Sacramento Business Journal, Sacramento News & Review, Sacramento Observer and Univision 19.<\p> Local performing arts companies have always faced challenges in attracting audiences, choosing relatable shows and managing finances. In recent years, they’ve also had to deal with long pandemic shutdowns, an aging audience, limited media coverage and competition from at-home streaming platforms. <\p>
5 things: How Auburn is honoring its late Chamber CEO today
Welcome to Tuesday, loyal readers. A Los Angeles-based chef was recognized as California's best at the annual James Beard Awards ceremony on Monday, edging out Sacramento's sole finalist Billy Ngo.<\p> Here's what else you need to know today.<\p>
Change is coming to the Sacramento Business Journal's print edition
Change can be hugely positive when planned, structured, carefully designed and executed.<\p> Change is coming the Sacramento Business Journal. As of June 21, we are refreshing, updating and modernizing our look.<\p>
Why a lender is suing the developer of an Elk Grove apartment project
A lender has filed a lawsuit against the developer of an Elk Grove apartment project, contending the developer is in default on a loan to build the project.<\p> The suit, filed last week in Sacramento County Superior Court, contends The Mesa at Laguna Ridge LP and limited partnership member Ky Hy are in default on repaying a 2021 loan for more than $35 million.<\p>
James Beard Awards: Here's how Sacramento's sole finalist fared
A Los Angeles-based chef was recognized as California's best at the annual James Beard Awards ceremony, edging out Sacramento's sole finalist Billy Ngo. <\p> The James Beard Awards is one of the culinary industry’s most prestigious honors. Established in 1990, the annual ceremony recognizes leaders across the country in various categories such as outstanding restaurateurs, chefs, restaurants, bakers, pastry chefs, bars and wine and other beverage programs.<\p>
After Hours photos: Women Who Mean Business Alumnae Reception
Members of this year's Women Who Mean Business class mingled with previous honorees during a Women Who Mean Business Alumnae Reception on June 4 at Mulvaney's B&L restaurant in Sacramento.<\p> The Sacramento Business Journal's Women Who Mean Business program recognizes the area's most dynamic, accomplished and influential businesswomen. The program is in its 29th year.<\p>
Apartments proposed near Sacramento Executive Airport
An irregular-shaped piece of land near Sacramento Executive Airport in South Sacramento has a proposal for a new apartment project.<\p> Belleau Wood Apartments, at 6650 Belleau Wood Lane, would have 23 units and an office in two three-story buildings.<\p>
The National Observer: Here's where the money lives
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals network of publications. Today,y we've got stories on the rising number of towns in which the median home costs more than $1 million; the interest office tenants are taking in their landlords' financial situation; and plans for a multibillion-dollar supercomputer complex by Elon Musk. But first, here's our inaugural list of the ZIP codes with the greatest concentrations of wealth in the U.S.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Downtown Sacramento restaurant closes after less than two years
Seoul St. Midtown's run on L Street has come to an end after the operators of the restaurant and bar announced its closure over the weekend.<\p> The business filled a space previously occupied by de Vere's Irish Pub at 1521 L St. in Downtown Sacramento. It specialized in Korean street food and featured a full bar and lounge area offering handcrafted cocktails like a Korean paloma and a "Back To Seoul Mule." <\p>
Big deadlines loom for Realtors commission lawsuits
The class-action lawsuits that rocked the residential real estate industry over the last year are barreling toward a possible conclusion — and some big changes in the remainder of 2024. <\p> One of the most important deadlines is Aug. 17, 2024, when the NAR has said it would implement a series of changes as part of its own $418 million settlement agreement over buyer commissions. <\p>
Build-to-rent community in Roseville sold to mystery buyer
One of the first local projects that represents a growing trend in housing has been sold to a mysterious buyer.<\p> Commercial real estate and mortgage brokerage Berkadia announced Cyrene at Fiddyment, a 152-unit build-to-rent community in Roseville of single-family homes, sold in late May.<\p>
Gen Z cites housing affordability as its top election issue
In the wake of rapid home-price appreciation during the Covid-19 pandemic, housing is playing a bigger role in how Americans vote — among one demographic in particular.<\p> Ninety-one percent of adult Gen Zers said in a recent Redfin Corp. (Nasdaq: RDFN) survey housing affordability is important when considering whom they will vote for in the presidential election this November. Among a list of nine broad political topics, the subject ranked No. 1 for that generation — ranking even higher than the strength of the overall economy, which was the top priority for millennials, Gen Xers and baby boomers. Housing affordability for Gen Z respondents also outranked issues of education, gun rights and abortion rights.<\p>
Sacramento mortgage lender beefs up staff as it sees brighter future
Sacramento-based private mortgage lender Summit Funding Inc. is expanding with strategic hires of top loan producers in key markets across the country where it's targeting growth.<\p> Since the start of the year, Summit Funding has hired nearly 50 loan officers and onboarded four major branches.<\p>
Local startup pitch contest is returning with more prize money
The Pitch Elk Grove startup contest is returning at the end of this summer with $20,000 in prize money for the best startup pitches from area technology and entrepreneurial companies.<\p> The contest has been run twice before and usually gets more than 50 applicants, said Laura Good, CEO of StartupSac, which handles the programming of Pitch Elk Grove with the city.<\p>
Downtown Sacramento housing project has a new phase
About six months after hotel conversion project Central Sacramento Studios officially opened, the developer is planning a second phase.<\p> Sacramento City Council will review an item Tuesday on providing a $7.8 million loan to Arcata-based Danco Communities Inc. to build a five-story residential project on the same site in Downtown Sacramento.<\p>
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