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October 22, 2019
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Grocery-Anchored Center in Stockton Gets New Owner in $17 Mil Transaction

9/26/19

Stockton Plaza, a 105.3k sf, grocery-anchored retail center in Stockton, sold for $17 mil, or $161/sf. The center is located at 2323 W. Hammer Lane, between I-5 and Thornton Rd.

Anchored by Food Source (Raley’s), Stockton Plaza is 97% occupied. Other tenants include AutoZone, BBVA Compass Bank, Great Clips, McDonalds and Little Caesars.

Stockton Plaza benefits excellent visibility and access fronting 35,600 combined vehicles per day. The center is located across from Stockton Medical Plaza, which promotes crossover foot traffic between the two plazas. The five-mile trade area is supported by a dense population of more than 241,000 residents with an average household income of $77,900.

Chris Tramontano, John Redfield and Steve Kalyk with SRS’ National Investment Properties Group represented the seller, PPC-Stockton Plaza L.P. The buyer was GIGU Inc, a private exchange investor.

“The buyer was interested in Stockton Plaza based on the long-standing historical occupany of Raley’s, which recently re-branded to Food Source, along with the shop tenants that have occupied the center since the original development. This combined with strong cash on cash returns due to low interest rates drew the exchange buyer, who sold a hospitality site, to invest in this grocery-anchored center,” said Redfield.





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