The property formerly known as the Redding Inn has finally sold and transferred to new ownership after a 7-month escrow that unraveled a litany of title issues dating back to the 1960s, including those involving an ongoing lawsuit with the property’s prior ownership and lienholders. The 1-acre property located at 2010 Pine Street was once a 63-room motel and has long been a blight to Redding’s downtown, responsible for numerous police calls and criminal activity over the years. The new owner on record is Kirkorian Development QOZ, LLC and has not yet revealed their plans for the property but it is expected to add to the forward progress of development in our downtown community.
In 2017, the previous owners sold the property but ultimately ended up suing the buyers alleging the contract was not valid since the buyers misrepresented their identity. Since then the property has been lined with temporary fencing and the windows and doors boarded up while the parties attempt to resolve the issue through the Shasta County Superior Court. Given the location of the property and the growing demand downtown, Joshua Johnson of Venture Properties reached out to Aaron Moore, the attorney representing the sellers, to determine if there would be value in obtaining offers for the property. “As a Redding resident, I drive by that property almost daily and worked with the other parties to find a way to remove the blight as well as capitalize on the demand for downtown real estate. Everyone was receptive to the idea and we were able to come to an agreement to sell the property while we continue to litigate the underlying issues,” says Moore.
Once the stakeholders agreed to list and sell the property last fall and the court appointed a receiver to oversee the transaction, they formally hired Venture Properties as the listing broker, which was represented by local real estate agent Joshua Johnson. “This was definitely a complicated listing but there is a lot of positive momentum in downtown Redding, so it was an honor to play a small part in seeing this property find a new owner and to be included in the new Redding landscape,” says Johnson.
The sellers ultimately accepted an offer by Kirkorian Development QOZ, LLC for $775,000, which started the long process of cleansing the property’s title in preparation for closing. The effort finally paid off which allowed the property to close in late April with the help of First American Title, Aaron Moore of Moore & Bogener, and the receiver, K. Thomas Smith Jr. There are several possible options for the property’s future, but the recent buyers will have the challenge of discovering what will financially make sense in a post-pandemic environment.
“The new owners are experienced developers, they’re smart, and deeply invested in the North State. I have no doubt this sale will shift the mired story of this property into a great new beginning,” says Johnson.