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3/20/18
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Westlake Village, a 32k sf neighborhood shopping center anchored by Walgreens and Chase Bank in the Sacramento area was acquired by a family trust from San Francisco’s East Bay. The asset, located at 3501-3511 Del Paso Rd in the North Natomas community, included 4.36 acres of developable land. The price was not disclosed.
Built in 2007, the 92% occupied Walgreens-anchored property is occupied primarily by tenants that are daily needs-based and internet resistant. The complementary mix of retail tenant categories included drugstore, food, services and banking. Tenants include Allstate Insurance, AIM Mail Center, Chase Bank, Creative Nails Spa, Donahue Schriber, Subway and Westlake Hair Studio. All of the tenants have operated at the center since 2011.
Bill Asher and Ed Hanley with Hanley Investment Group Real Estate Advisors, in conjunction with Irvine-based Ten-X, represented the seller, Donahue Schriber Realty Group (DSRG), a privately-held Real Estate Investment Trust (REIT) with 62 shopping centers representing over 11 msf of retail space throughout California, Nevada, Oregon and Washington. The 1031 exchange buyer was repped by Hanley Investment Group’s Eric Vu.
“Westlake Village offered a unique opportunity to acquire a shopping center featuring a historical stable income stream with a value-add component to lease-up the remaining available space of the existing center and future development potential of 4.36 acres within the project,” said Asher.
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