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SACRAMENTO-McGregor Co. of Los Angeles has sold the Hall of Justice, a 47,300-sf historic office building with underground parking located across from the recently completed federal courthouse Downtown. The sale price for the fully leased building was $14.25 million, or just over $300 per sf.

McGregor acquired the four-story building five years ago after it was vacated by the Sacramento police department. The company then completely renovated and seismically retrofit the building, restoring its historic 1916 architecture and installing all the latest electrical, mechanical and security components.

McGregor also expanded the property by adding a four-story atrium style extension on the Eastern wall that was designed by Barton Myers. This 15,200-sf addition won the California Preservation Foundation’s Adaptive Re-Use Award in 2002.

The building is 100% leased. Half of the building is occupied by the County of Sacramento Law Library. The rest of the building is leased to other law-related entities.

The per-sf purchase price represents one of the highest prices paid for a Sacramento CBD property in the pats several years. The new owner is Baytree Apartments, an LLC owned by a Bay Area private investor. Earlier this year , the investor sold 1 & 9 Willowbrook Court in Petaluma.

Baytree plans to hold the building for the long term to capitalize on below-market rents and the upcoming development of the adjacent Sacramento Railyards–the nation’s largest urban infill development site. Heath Charamuga, Erik Neese, Kye Huff, Patrick Ronan and Susanne Baker of Grubb & Ellis’ Capital Advisory Services Team represented the buyer and the seller in the transaction.

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