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NORTHERN CALIFORNIA NEWS
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Sacramento Retail Center Sells for $42 Mil

11/30/16

A subsidiary of NewMark Merrill Companies LLC has purchased Southgate Plaza, a 339.4k sf, grocery-anchored shopping center in Sacramento. The property, located at Florin and Franklin, sold for $42.1 mil ($124/sf).

Southgate Plaza is leased to three high-performing grocers, Walmart Neighborhood Market, 99 Ranch Market and 99 Cents Only. It is also home to 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.

Philip D. Voorhees, Jimmy Slusher, Todd Goodman, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read with CBRE’s National Retail Investment Group – West represented the seller, Chicago-based Wrightwood Financial on behalf of one of its managed vehicles. The LA-based buyer was also repped by NRIG-West.

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.

According to Slusher, “The property had tremendous leasing momentum despite the existing 27% vacancy at the time of sale. In the past 15 months, 53k sf or 21% of the property has been leased up.”

“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.






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