Sacramento Bee (California)
July 20, 2010 Tuesday
METRO FINAL EDITION/OUR REGION; Pg. B1
Crest Theatre up for sale; PRICE, $3.12 MILLION, INCLUDES NEIGHBORING SPACES
By Bob Shallit bshallit
Another of Sacramento’s old-time movie houses is up for sale.
Two weeks after word surfaced that the Tower Theatre was on the market, downtown’s Crest Theatre is now for sale, too.
The asking price? $3.12 million.
The property includes the 61-year-old Art Deco theater at 1013 K St., one retail space to the west and an adjoining building to the east that has two smaller screens below ground, three retail shops at street level and offices above.
Heath Charamuga, one of the listing agents, says the owners of the complex decided to sell now because of favorable conditions caused by recent lease renewals and the momentum they see building for development of the long-dormant K Street Mall.
In particular, he cites the three-venue entertainment complex now under construction across the street from the Crest.
Potential buyers will be drawn to the Crest as the 1000 block of K "continues to flourish," says Charamuga, a senior VP with Colliers International.
Sid Garcia-Heberger, the Crest general manager credited with bringing an eclectic mix of live comedy, music and film festivals to the theater, says she’ll remain on board "even if ownership changes."
"There’s no need to panic," she adds with a laugh.
Sweet deal Here’s an odd tidbit culled from the sales brochure for the Tower complex on Broadway:
Theater operator Reading International is paying 10 cents a square foot for the 17,000 square feet of space it leases — a mere $1,700 each month.
The complex’s second-largest tenant, the Tower Cafe, pays $10,000 a month for its 5,640 square feet at the complex, according to the sales materials.
Why does Reading pay so little?
That’s a mystery.
On the move A new tenant has been found for the Ivy House site that recently closed after 22 years.
Moving in is Haus, an upscale home furnishings store that’s been in midtown Sacramento for the past five years.
The plan is to complete the move to the Ivy House building, at 56th and H streets, by Sept. 1, an employee tells us.
He says Haus will have some of the gift items and home accessories that drew shoppers to the Ivy House, along with furniture, lighting, rugs and custom window treatments.
Let them eat cupcakes These are good times for Cupcake Craving.
The Sacramento company, which recently expanded into Folsom, could be getting some national TV exposure.
Co-owner David "Gordy" Cisneros received a call last week from the producers of the Food Network show "Cupcake Wars," asking him to submit a video application to be on the show.
He’s done that and now awaits a call for potential baking stardom.
His place is known for trying out lots of different recipes. One of its most popular gourmet cupcake creations? "Monkey Mania," made with banana cake, caramel and cream cheese.
Not all of the experiments are hits. The bakery produced a mango cupcake awhile back.
Says Cisneros, "That one didn’t go over so well."