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| 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.
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| 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.
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| 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
MONAGHAN COMMUNICATIONS,
INC.
anne@MonaghanPR.com
830.997.0963
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