SACRAMENTO, CA –Todd Chapman, president and CEO of JMA Ventures, LLC (“JMA”), announced today that JMA and Downtown Properties, an associate of Gaw Capital, have completed the transaction to sell Sacramento Downtown Plaza to Sacramento Business Holdings, LLC, dba the Sacramento Kings, the buyer group led by TIBCO Software CEO and Chairman Vivek Ranadive.
The Kings are partnering with the City of Sacramento to develop an entertainment and sports complex on the site, which will be the future home of the team. JMA, a full-service real estate investment and development firm based in San Francisco, will continue to manage day-to-day mall operations while collaborating with the Kings on the design and development of a lifestyle mixed-used project that will integrate with the arena complex and activate the surrounding area 365 days a year. JMA purchased Downtown Plaza in August 2012 from Westfield Group.
“We are thrilled to close this transaction as it is another important step in the process of building a world-class arena in the heart of downtown with a vibrant, active development surrounding it,” said Sacramento Kings President Chris Granger.
JMA and the Kings are working to achieve entitlements for the development of 1.5 million square feet of new mixed-uses on the site, including 350,000 square feet of retail, 475,000 square feet of office, 250 hotel rooms and 550 apartments. JMA, a leader in developing and redeveloping iconic, large-scale lifestyle properties for the past 20 years, serves as managing partner for more than $700 million in projects spanning hospitality, leisure, residential, retail, office and industrial.
“With the sale now final, we’re excited to move ahead with the planning for the mixed-use development of the surrounding site,” said Chapman. “We’re looking forward to continuing our work with the Kings on the overall development of the entertainment sports complex to create a thriving and dynamic downtown corridor for Sacramento.”
Completed in 1971 and redeveloped in 1993, Downtown Plaza encompasses six city blocks on 14 acres in the heart of Sacramento’s downtown district. The site was identified as the choice location for the team’s new arena due to its prime location as the anchor of the pedestrian-only K Street Promenade that connects Old Sacramento to the State Capitol and the Convention Center.
For the past 20 years, JMA has developed dozens of distinctive lifestyle and entertainment properties throughout the West Coast, with an emphasis on Northern California. These properties are marked by their uniqueness – each with its own distinct identity reflecting the history and understanding of its surroundings, paired with JMA’s keen insight into the premier guest experience and a deep knowledge of the ever-evolving tastes and desires of high-value consumers. This makes interactions with JMA properties transformative and memorable. JMA’s portfolio encompasses some of Lake Tahoe’s and the San Francisco Bay Area’s most appealing lifestyle and entertainment venues, including the proposed redevelopment of Homewood Mountain Resort in Lake Tahoe; the West Shore Café and Inn; Constellation Residences at Northstar, A RockResort; ownership positions in the recently merged Alpine Meadows and Squaw Valley Ski Resorts; as well as Fairmont Heritage Place at Ghirardelli Square in San Francisco and Waterbar and EPIC Roasthouse restaurants on San Francisco’s revitalized Embarcadero waterfront.
About JMA Ventures, LLC
JMA Ventures, LLC (“JMA”) is a full service San Francisco based real estate investment and development company with in-house acquisition, development, finance, leasing, marketing and management capabilities. The company has compiled a 20-year track record of successful projects, both residential and commercial, combining investment and development expertise with a commitment to the highest quality of design. JMA currently serves as general partner for in excess of $700 million of real estate investments across the western United States. For more information, please visit www.jmaventuresllc.com.
About Downtown Properties
Downtown Properties, an affiliate of Gaw Capital Partners, is a Los Angeles-based real estate investment, development and private equity firm. Collectively with Gaw Capital, the firm has raised and placed over $2 billion of equity into real estate projects in Asia, Europe and the United States. The existing US portfolio includes over 2 million square feet of office in major cities including New York, Chicago, San Francisco, Los Angeles and Houston. Downtown Properties also owns over 1,000 hotel rooms including the Hollywood Roosevelt Hotel. www.downtown-properties.com