SACRAMENTO, Calif. — After seven months of negotiations, the Sacramento Kings have bought a mall that sits on the site of a planned $448 million arena.
The Sacramento Bee reports the team finalized the deal Thursday to buy Downtown Plaza from the San Francisco-based development firm JMA.
The newspaper says the exact purchase price wasn’t available, but documents filed with the county show the Kings borrowed $35 million from Goldman Sachs Bank in connection with the transaction. The filing says the NBA approved the borrowing.
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JMA will continue the management of Downtown Plaza and will partner with the Kings on the design and development of the project. In addition to a new arena, the property will include office towers, a hotel, housing and retail.