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8/07/18
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Elk Grove Commons, a 241.9k sf retail center in the Sacramento region, was recently acquired by Acadia Realty Trust for $59.3 mil, or $245/sf. The property, located at 9624 Bruceville Rd, was 100% occupied at the time of sale.
Strategically located on the hard corner of Elk Grove Blvd and Bruceville Rd, Elk Grove Commons is anchored by a high-performing Trader Joe’s, Home Goods, and Kohl’s. Approximately 83% of the tenants have been operating at the property since it was developed in 2004, including all of the anchors and junior anchors. Kohl’s at Elk Grove Commons is one of the top performing locations in the region.
Nicholas Bicardo and Brandon Rogoff with NKF Capital Markets represented the seller, Donahue Schriber, in the transaction. According to NKF Capital Markets, Elk Grove Commons was the largest single asset retail transaction in the past three years in the Sacramento area.
“Elk Grove Commons is positioned on one of the most dynamic intersections in a submarket that has excellent fundamentals in regards to retail vacancy, residential and employment growth. Given the stability of the asset, coupled with where the capital markets are pricing today, this opportunity presented levered cash on cash returns that are hard to find on the West Coast for this quality of retail,” said Bicardo.
Rogoff added, “There were multiple bids on the property, highlighting that investors are still willing to make large retail investments in the Sacramento market as long as the asset is well-located with high-performing tenants as is the case with Elk Grove Commons.”
Elk Grove Commons serves an affluent and dense trade area with average household incomes of approximately $100,000 and a population of more than 160,000.
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