Months ahead of a possible end to the building moratorium in Natomas, real estate investor Ethan Conrad has picked up commercial property in the north Sacramento neighborhood at quite a discount.
Ethan Conrad Properties bought a bank-owned property — 13.76 acres of land between Truxel Road and Gateway Park Boulevard, north of an existing retail center and across Truxel from California Family Fitness.
The property, which has net developable space of about 546,000 square feet, was once owned by Abe Alizadeh and his Kobra Properties development company before the economic downturn six years ago. In 2008, a bank in Tennessee sued Alizadeh over a delinquent loan of $5.9 million for the property from 2006.
Conrad paid about $899,000.
Currently zoned as an employment center, the land is surrounded by retail development, Conrad noted in an email, explaining his interest in the project. With the moratorium on new construction in Natomas likely to be lifted early next year, the property would be ideal for future retail development, he said.
Conrad noted that owners of property on the southeast corner of Gateway Park and Truxel expect to put in a Nation’s Burger outlet once the moratorium is lifted. And Kaiser Permanente owns more land to the east with an eye on eventually developing a medical center there.
“My plan is to market the property for re-sale … for primarily logical retail uses,” Conrad said