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Natomas Shopping Center, Sacramento, CA
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| Kevin Fryman |
SACRAMENTO, CA --
Hanley Investment Group Real Estate Advisors, a nationally recognized real
estate brokerage and advisory firm specializing in retail property sales,
announced the firm arranged the sale of Natomas
Shopping Center in
Sacramento, California, in an off-market transaction.
The 50,168-square-foot
neighborhood shopping center, which is anchored by CVS/pharmacy, Ace Hardware
and Dollar Tree, sold for $10,342,500, representing a 6.29 percent cap rate.
Hanley Investment
Group Executive Vice Presidents Kevin
Fryman and Bill Asher
represented the seller, a private investor from Bakersfield, California. The
buyer, a private investor from the San Francisco Bay Area, represented
himself.
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| Bill Asher |
Natomas Shopping
Center was built in 2007 on 7.29 acres at 2000-2050 Club Center Drive at the
signalized intersection of Club Center Drive and Natomas Boulevard. The
property was 100 percent occupied at the time of the sale and included a
developable pad as future upside, according to Fryman.
“We successfully
facilitated a direct deal by identifying an off-market shopping center that one
of our client’s had an interest in selling, and matching the property with the
criteria of a 1031 exchange buyer based in Northern California,” said
Fryman.
“We strategically
procured a buyer by utilizing cross-marketing from a similar drug
store-anchored shopping center Hanley Investment Group sold earlier this year
in the Sacramento trade area,” Asher said.
In February 2018, Hanley Investment Group
arranged the sale of Westlake Village, a 31,980-square-foot neighborhood
shopping center anchored by Walgreens and Chase Bank in North Natomas. The sale
included 4.36 acres of developable land.
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| Ed Hanley |
Asher, along with Hanley
Investment Group’s President Ed Hanley, represented the seller, Donahue
Schriber Realty Group (DSRG).
Hanley Investment
Group navigated multiple challenging characteristics to the transaction
including a new Ace Hardware lease that had contingencies remaining until the
week of closing and was scheduled to formally open for business post-closing.
“We achieved an aggressive market cap rate
and structured a successful closing to satisfy the buyer’s 1031 exchange
requirement five days prior to the buyer’s exchange deadline while obtaining a
premium value for the seller,” Fryman noted.
“There is
still considerable demand from investors for daily needs retail assets,” said
Fryman. “The tenant mix at Natomas Shopping Center – a drug store, dollar
store, hardware, food, child care/education - was a great example of a diversified
internet-resistant tenant mix that investors continue to seek as the impact of
Amazon on brick and mortar retail continues to grow.”
For more
information, please contact:
Anne Monaghan
MONAGHAN COMMUNICATIONS, INC.
anne@MonaghanPR.com
830.997.0963
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