Sacramento, CA– Voit Real Estate Services’ Sacramento office has successfully completed the sale of Lincoln Gateway (top left photo), a 74,586 square-foot, mixed-use retail/office property, on behalf of the buyer and seller.
This newly constructed, eight-building center is made up of 32,757 square feet of retail space and 41,829 square feet of office space, according to Robb Osborne (middle right photo), a Senior Vice President in Voit’s Sacramento office. Current retail tenants include Auto Zone, Massage Envy, and Little Caesars.
Osborne represented the buyer, Sacramento-based Vanir Group of Companies, a construction management and development company. The seller, Panattoni Development Company, an international commercial real estate investment firm, was represented by Gary Gallelli (middle left photo) and Mickey Turpen (lower right photo), also of Voit’s Sacramento office.
“The success of this transaction speaks to the quality of the property, as well as the strength of the buyer. Vanir Group is financially capable of implementing tenant improvements as needed, which will allow the retail space to be leased quickly,” said Osborne.
The property’s leasing potential is already evident, according to Osborne, who reported that during escrow, the Voit team completed an 18,000 square-foot lease within Lincoln Gateway on behalf of a local gym. Cole Sweatt, an Assistant Vice President in Voit’s Sacramento office, represented the gym in the lease transaction.
“By securing this sizable lease, our team was able to further stabilize the asset, reducing the risk of the investment, which was beneficial to both the buyer and seller,” explained Osborne.
In addition, the Voit team worked with the buyer to develop a strategy to maximize the value of the asset, according to Osborne. Based on this strategy, Vanir Group plans to lease the retail space, while marketing the office space to owner-users for lease or sale.
The property is located at 100-170 Gateway Dr. in Lincoln, Calif.
Contact:
Jenn Quader/ Judith Brower
Brower, Miller & Cole
(949) 955-7940
1 comment:
The tenant mix for retail property must be optimised. In only that way can you attract the customers that support the tenants and underpin the rental for the landlord.
Post a Comment