Hanley Investment Group Completes Sale of 50,168 SF CVS-Anchored Neighborhood Shopping Center in Sacramento, CA for $10.3 Million

Natomas Shopping Center, Sacramento, CA

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. 

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.

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

www.hanleyinvestment.com.

 

Marcus & Millichap Brokers $1.38 Million Sale of 12,750-SF Retail Property in Tamarac, FL

Retail property at 6301 West Commercial Boulevard, Tamarac, FL

Drew Kristol

TAMARAC, FL, – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada,  announced the sale of 6301 W Commercial Blvd, a 12,750-square foot retail property located in Tamarac, FL, according to Scott Lunine, regional manager of the firm’s Miami office. The asset sold for $1,385,000.

       Drew A. Kristol, Kirk D. Olson and Ryan T. Shaw, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  “There was a lot of interest for this property, which is a great opportunity for investors who are very interested in properties at this price point” said Ryan Shaw. 

Kirk Olson

The Property is located at 6301 W Commercial Blvd in Tamarac, FL.  The property was 50% vacant, with the remaining space occupied by local small business or religious tenant. The buyer plans to finish the current renovations and open a school in the vacant space.

For more information, please contact:

 

Scott Lunine

Vice President

 Regional Manager

 Miami, FL

(786) 522-7000  

www.MarcusMillichap.com

OR 

Daniella Aragon
Marketing Coordinator
Marcus & Millichap 5201 Blue Lagoon Drive Suite 100 Miami, FL 33126 (786) 522-7000 main (786) 454-0094 mobile (786) 522-7010 fax daniella.aragon@marcusmillichap.com
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