Saturday, August 5, 2017

CBRE's Philip D. Voorhees, Preston Fetrow, Kirk Brummer and NRP-West Team Complete Sale of Grocery-Anchored Shopping Center Riverlakes Village in Bakersfield, CA

Riverlakes Village Shopping Center, Bakersfield, CA

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).

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. 

Kirk Brummer
“Benefitting from grocery/pharmacy anchors, generating strong sales volumes from a convenient location in an affluent submarket, Riverlakes Village appealed to investor demand seeking strong real estate fundamentals,” said 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.

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.

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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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