SACRAMENTO, Calif.--(BUSINESS WIRE)--A Bay Area commercial real estate development and investment firm, Insight Realty Company, recently made another investment in Sacramento. This time the firm purchased Park Plaza, a seven-story, 73,000 square foot Class A office building located at 1303 J Street in Downtown Sacramento. This is the second investment that Insight has made in Sacramento and is the first in the Downtown Sacramento urban core. Insight's first transaction was the property now known as Harvard Square at 2180 Harvard Street, where Insight has completed extensive improvements including the addition of The Square Cafe and a new tenant lounge.
As with Harvard Square, Insight partnered with local developer and investor, Patrick Molloy and his firm Gavden Investments to acquire Park Plaza.
Matthew Love, Managing Director for Insight, said, “After reviewing countless opportunities, we are excited to make our second strategic investment in Sacramento with the acquisition of Park Plaza which we will be renamed 1303 J. Not only is 1303 J a high quality building with a great tenant roster having long-standing history at the property, but it also provides us an opportunity to bring future creative office space to the market to accommodate the growing demand Downtown. 1303 J fits well within our fund’s investment strategy which is to acquire and manage high quality commercial real estate properties in select Northern California locations.”
Insight's partner Patrick Molloy, President of Gavden Investments, said, “We are planning to increase the profile of 1303 J in the marketplace. 13th & J is a great corner with an exciting vibe. Traditionally, 1303 J has been a home for tenants that need to be close to the State Capitol. While that will continue to be the case, we intend for the property to also become a sought after location for firms looking to be part of the excitement of Downtown Sacramento.”