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December 19, 2018
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Sacramento Retail Center Trades in $32 Mil Deal


Laguna Village, a 98% occupied, 120.9k sf community retail center in the North Laguna area of Sacramento, was purchased by a local investment entity in a $32.5 mil ($269/sf) transaction. The property is anchored by a 12-screen Regal Cinemas movie theater and 24 Hour Fitness. Other tenants include Subway, Papa Murphy's, and My Gym.

Situated on just under 16 acres at 8755, 8785, 8759, 8765 and 8775 Center Pkwy, Laguna Village was built in several phases between 1996 and 2003. It is on a heavily trafficked intersection of Center Pkwy and Bruceville Rd, which sees more than 30,000 vehicles per day and is just one mile from Highway 99.

Mike Zylstra and Forrest Gherlone with Newmark Cornish & Carey (NCC) represented the seller, Hall Equities Group. Tom Fehr, Anthony Pappageorge and Zachary LeBeouf, also with NCC, repped the buyer, Laguna Village Investors LLC, in the deal.

"Laguna Village is an excellent asset with a majority of its tenancy comprised of destination and entertainment retail including restaurants, fitness, and a movie theatre which are more resilient to the on-line retail disruption. This tenant mix along with the center's quality and stabilized occupancy, made it an attractive investment," said Zylstra.

Zylstra added that Regal Cinemas is currently undergoing an approximately $3 mil upgrade to include stadium and lounge chair seating, with upgraded food and beverage.

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