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October 04, 2016

Domus Development moving from downtown to S Street

Sacramento Business Journal

Ben van der Meer

Reversing a recent trend, Domus Development will be moving out of downtown Sacramento for an office location a bit more removed from the action.

Jay Richter, a vice president with Kidder Mathews's regional office, said the firm will relocate to 1412-1414 S St. shortly if they haven't already.

Domus's partner company, Irvine-based Newport Partners LLC, bought the two-story office building last month for $1.37 million. Richter, who worked both sides of the deal, said Domus was looking to avoid traffic congestion at its current location in a suite at 1000 K St., a few blocks east of Golden 1 Center.

"The opposite has been happening downtown," he said, as companies have tried to find office space near the new arena.

Since 2001, Richter said he'd worked as the leasing agent on the S Street building for its previous owner, listed in property records as Kevin J. Fugina.

Fugina had decided to invest elsewhere, and take advantage of a strong market in the urban core for good office properties.

In 1996, the building was fully renovated and partially demolished to add parking in the rear alley. The second floor is about 2,700 square feet, while the first is about 4,000 square feet.

Soon after moving into the building's first floor, Richter said, Domus will renovate the second floor. Eventually, the company will move upstairs after finishing renovations, and will open the first floor to leases, he said.

Even though it's a bit removed from downtown, 1412-1414 S St. still brought a strong price, acknowledging its proximity to the dynamic R Street corridor.

"You got full price at $200 per square foot," Richter said. "There are not a lot of buildings that command that price that were vacant like this was."

For the full story, go to Sacramento Business Times.

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