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| Riverlakes Village Shopping Center, Bakersfield, CA |
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| Philip D. Voorhees |
BAKERSFIELD, CA – CBRE Executive Vice President Philip D. Voorhees and Senior Vice
Presidents, Preston Fetrow and Kirk Brummer announced that they, in
conjunction with the National Retail Partners – West (NRP-West) team, completed
the sale of Riverlakes Village, a 92,212-square-foot grocery-anchored shopping
center in the city of Bakersfield, Calif.
The neighborhood shopping
center, which was 97 percent leased at the time of sale, is anchored by Vons
with a synergistic mix of high performing tenants such as CVS/pharmacy (NAP),
US Bank, Starbucks, Chipotle, Supercuts, Verizon Wireless, Carl’s Jr. (NAP),
and Bank of America (NAP).
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| Preston Fetrow |
CBRE’s retail investment experts Voorhees, Fetrow and Brummer, along with Jimmy Slusher, Megan Wood, Matt Burson, Sean Heitzler, James Tyrrell and John Read, represented the seller, Crow Holdings Capital Real Estate (CHC-RE), a Dallas-based manager of private real estate funds. The buyer was Phillips Edison Grocery Center REIT II, Inc.
According to Voorhees,
"The yield premium in the secondary markets such as the Central Valley, is
compelling for investors in today's low cap rate environment and Riverlakes
Village’s excellent grocery and restaurant sales, i.e. Chipotle, Steak and
Grape’s and Me-N-Ed’s Pizza, demonstrate the quality of this location.”
Built in 1997, Riverlakes
Village consists of six parcels totaling 9.48 acres at the southeast corner of
Coffee Road and Hageman Road. This intersection provides immediate access to
the area’s most established and affluent neighborhoods, which have an annual
household income averaging nearly $100,000.
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| Kirk Brummer |
According to Voorhees, the CBRE team’s marketing system distributed more than 594 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated multiple offers to purchase the property.
The NRP-West team focuses
exclusively on retail investment properties in the western states (including
CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI).
The team's ability to
collaborate across CBRE's multi-discipline platform enhances the team's role as
strategic advisors to western U.S. clients in the disposition and acquisition
of retail properties and ensures the delivery of superior results in today's
investment market.
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| Megan Wood |
Long recognized as
industry-leading investment experts, the NRP-West team continues to specialize
in portfolio sales, anchored centers, strip centers, single-tenant assets,
specialty retail projects, REO and Receivership assets and parcelized
disposition strategy opportunities.
Based in Orange County,
Calif., the team consists of specialists with institutional and private client
relationships, and leverages institutional quality knowledge and service across
unparalleled access to private capital investors and the brokers who represent
them, domestically and around the world.
View listings: www.listings.nrpwest.com
For a complete copy of the company’s news release,
please contact:
Nadja Brandt | Media and
Communications Manager
CBRE | Southern California
400 S. Hope Street, 25th
Floor | Los Angeles, CA 90071
T +1 213 613 3627
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