San Francisco, California. August 2016. — Schmidt Property Group has completed the acquisition of three contiguous properties in Downtown Stockton, California on East Weber Ave for a net cash price of $390,000. The two commercial buildings total 25,000 sq ft., and 10,000 sq ft,the third parcel is a 5000 sq ft vacant lot. When combined with the late 2015 purchase of the 42,000 sq. ft. iconic Elks Building at the corner of East Weber and North Sutter, this completes a downtown assemblage and total square footage of 77,000 sq ft in recent acquisitions for Mr. Schmidt. He plans to utilize the lot for parking and re-develop the two commercial buildings on East Weber, preserving their historical beauty. The projects will offer ground floor retail and upper floor offices. Schmidt felt the timing and pricing were both so extremely attractive, it made this strategic move virtually unavoidable, as Downton Stockton is beginning to experience a resurgence in the downtown district, with added working professionals and businesses supporting in the new 300,000 sq ft San Joaquin County Building and new high end residential developments.
About Schmidt Property Group
Schmidt Property Group was founded in San Francisco, in 2005 by Edward Schmidt. Since then, Mr. Schmidt has been involved with the development of industrial property and multiple acquisitions of value-add office property throughout Northern California. www.schmidtpg.com.