New Sacramento Kings ownership group to buy Downtown Plaza arena sitePosted by Inside Hoops
The prospective owners of the Sacramento Kings are buying not only the team but also Downtown Plaza, where they and the city plan to build a new arena.
Local developer Mark Friedman, a member of the group buying the Kings, said the consortium headed by Silicon Valley tech executive Vivek Ranadive is now under contract to buy the mall site from JMA Ventures.
Friedman declined to disclose the purchase price.
The sale involves much of the land between Fourth, Seventh, J and L streets. It doesn’t include the independently owned Macy’s store at the west end of the plaza, or a few other adjacent buildings that are not part of the arena project site, such as the Marshall Hotel at Seventh and L streets…
JMA, a San Francisco and Truckee developer and recreation site manager, bought the mall last fall for $21.7 million from Westfield Co. It will continue to operate the center.
Reported by Tony Bizjak, Dale Kasler and Ryan Lillis of the Sacramento Bee