Tuesday, November 29, 2016

CBRE's Philip D. Voorhees and NRIG-West Team Complete Sale of Southgate Plaza in Sacramento, CA

Southgate Plaza, Sacramento, CA

 SACRAMENTO, CA – CBRE Executive Vice President Philip D. Voorhees announced that he, Jimmy Slusher and their National Retail Investment Group – West (NRIG-West) team completed the sale of Southgate Plaza, a 339,369-square-foot grocery-anchored shopping center in Sacramento, Calif., leased to three high-performing grocers, Walmart Neighborhood Market, 99 Ranch Market and 99 Cents Only, along with a complementary mix of co-tenants including, Ross Dress for Less, Skechers, Baskin Robbins, Sally Beauty, Payless Shoe Source, Chase Bank, Farmer & Merchants Bank, Taco Bell, H&R Block and others.

The sale price for the asset, located at Florin and Franklin in Sacramento, was $42.1 million.  

Philip D. Voorhees

 CBRE’s retail investment experts Voorhees, Slusher, Todd Goodman, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read, represented Chicago-based Wrightwood Financial on behalf of one of its managed vehicles.

The buyer, also represented by NRIG-West, was a subsidiary of NewMark Merrill Companies, LLC, a Los Angeles-based, full-service retail investment and management company.

NewMark Merrill Companies had previously been hired by Wrightwood to oversee the re-tenanting and repositioning of Southgate after the asset was taken over by Wrightwood over five years ago.

CBRE’s Sacramento-based Executive Vice President Chris Campbell and his partners First Vice Presidents Scott Carruth and Jason Read were the leasing agents on Southgate Plaza at the time of sale and generated tremendous leasing momentum over their tenure

“Southgate Plaza provided a perfect combination of daily necessity and value-focused anchor tenancy, along with an immediate upside opportunity through the lease-up of currently vacant space. Newmark Merrill excels at managing, merchandising and promoting centers like Southgate Plaza. This was a fantastic transaction for both buyer and seller,” said Voorhees. This was NewMark Merrill’s third acquisition in the Sacramento area.

Megan Wood

According to Slusher, “The property had tremendous leasing momentum despite the existing 27% vacancy at the time of sale. In the past 15 months, 53,000 square feet or 21% of the property has been leased up.”

“We have had a longstanding relationship with Newmark Merrill Companies, having previously provided capital to them, and worked closely with them as the project’s asset manager through the downturn,” said Bruce Cohen, CEO of Wrightwood Financial. “After a comprehensive market effort, ably led by the CBRE team, Newmark Merrill emerged as the logical buyer.”

“Investor demand for retail assets with strong fundamentals and an opportunity to improve NOI continue to attract strong interest from private and institutional investors alike, and an asset like Southgate, which has three daily needs generators, as well as best-of-class soft-goods retailers are especially in demand,” said Voorhees.

For a complete copy of the company’s news release, please contact:

Anne Monaghan

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