Acquisition by an affiliate of K2 Development Companies reflects continued investment in Downtown Redding, with approximately 13,450 square feet of professional office and retail space now available for lease.
REDDING, Calif. — A prominent three-story commercial building in the heart of Downtown Redding has sold for $2.4 million, marking another significant private investment in the continued revitalization of the city’s downtown core.
The approximately 21,000-square-foot building, located at 1700 Pine Street, was acquired by Allen Knott and Daniel Knott of K2 Development Companies from U.S. Bank. Chris Haedrich, Vice President of Sales & Leasing with Capital Rivers Commercial – The Haedrich Group, represented the buyer in the acquisition.
Situated at the highly visible corner of Pine and Placer Streets, immediately adjacent to the historic Cascade Theatre, and steps away from the new popular Redding Public Market, the property is slated for a comprehensive renovation under its new ownership. Plans include a complete architectural redesign and modernization of the building’s exterior, along with significant interior upgrades intended to refresh the property in one of the most desirable locations for downtown businesses. Renovation work is expected to begin as soon as the necessary permits are issued.
The Knotts plan to relocate their companies to the building’s third floor, while making the first and second floors available to new commercial tenants.
“I believe strongly in the future of Downtown Redding, and I want to continue to be part of making it even better,” said Allen Knott of K2 Development Companies. “There’s tremendous momentum downtown right now, and I think it’s important that those of us who have the opportunity to invest continue building on that progress. This building has a lot of potential, and we’re excited to give it an entirely new look and purpose. It’s a significant investment, but to me, it’s about more than the building itself. It’s about taking pride in our community, creating places where businesses want to be, and helping make Downtown Redding somewhere people are excited to visit, work, and spend time. We hope this project encourages others to keep investing downtown, and we certainly intend to continue doing our part.”
The planned renovation will dramatically enhance the building’s appearance, incorporating contemporary architectural finishes, modern design elements, and an updated exterior façade. Interior improvements will allow for flexible, customizable spaces designed to accommodate the needs of modern office and retail tenants.
More Than 13,000 Square Feet Available for Lease
Approximately 13,450 square feet of commercial space is now available for lease across the building’s first two floors, along with 42 on-site free private parking spaces, 7 of which are covered.
The first floor, totaling approximately 5,175 square feet, is suitable for professional office, medical, retail, and service-oriented uses. Its existing drive-thru presents a distinctive opportunity for businesses seeking convenient customer access in a central downtown location.
The second floor, totaling approximately 8,275 square feet, offers professional office space with expansive perimeter windows, abundant natural light, and flexible configurations to accommodate a variety of businesses.
Spaces can be divided into smaller suites beginning at approximately 1,500 square feet, with customized tenant improvements available for qualified occupants, or take all 13,450 square feet across both floors.
Downtown Redding Office Market Demonstrates Continued Strength
According to Haedrich, the acquisition and planned renovation come at a time of continued demand for quality commercial space in Downtown Redding.
“We’re seeing strong demand for commercial real estate in Downtown Redding, particularly from professional office users who recognize the benefits of being centrally located,” said Chris Haedrich of Capital Rivers Commercial – The Haedrich Group. “Over the past year, approximately 26,950 square feet were leased in the downtown core over 20 transactions. That’s an encouraging indicator of the market’s strength and the continued interest from businesses looking to establish or expand their downtown presence. Investments like this help meet that demand by transforming existing properties into modern, high-quality spaces while contributing to the overall revitalization of our community.”
Haedrich noted that the building’s combination of location, dedicated parking, adaptable floor plans, and planned architectural improvements creates an opportunity for a broad range of prospective tenants.
“Downtown Redding continues to evolve into an increasingly attractive place for businesses, employees, and visitors,” Haedrich added. “Allen’s and Daniel’s vision for this property is exactly the type of forward-thinking private investment that helps maintain that momentum. We’re excited to have assisted with the acquisition and look forward to introducing new businesses to the building as the renovation moves forward.”
Capital Rivers Commercial worked closely with U.S. Bank and its representatives James Teare and Amanda Long with Cushman & Wakefield throughout the acquisition process and expressed appreciation for their professionalism and cooperation in completing the transaction.
The sale represents another step in Downtown Redding’s ongoing transformation, where continued public and private investments are creating new opportunities for businesses, attracting capital, and enhancing the city’s commercial landscape.
Leasing Information
Commercial space at 1700 Pine Street is now being marketed for lease exclusively through Capital Rivers Commercial – The Haedrich Group.
Chris Haedrich
Vice President of Sales & Leasing
Capital Rivers Commercial – The Haedrich Group
(530) 226-1160
chris.h@capitalrivers.com
www.capitalrivers.com
California DRE License #01484672
About Capital Rivers Commercial
Capital Rivers Commercial is a full-service commercial real estate firm with offices in Sacramento, Chico, and Redding, California. The firm provides commercial brokerage, development, asset management, and economic development advisory services to investors, property owners, businesses, and communities. Through its integrated platform and regional market expertise, Capital Rivers Commercial offers strategic representation for commercial real estate acquisitions, dispositions, leasing, and development opportunities.
