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August 5, 2020
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Retail Pad Building in the Sacramento Area Fetches $527/sf


A two-tenant, 4.4k sf retail pad building occupied by Chipotle Mexican Grill and Firehouse Crawfish restaurants in Rancho Cordova sold for $2.32 mil ($527/sf). The sale represents the second transaction in the break-up sale strategy of the 99 Cents Only-anchored Zinfandel Crossing center in the Sacramento metro area.

The building is situated on 0.65 acres at the on/off ramp to U.S. Route 50 at 2878 Zinfandel Dr in Rancho Cordova. It is occupied by a 2.3k sf Chipotle, which has been a tenant since late 2005 when the building was completed. Firehouse Crawfish, which opened in 2018 and occupies 2.1k sf, is the other tenant.

Zinfandel Crossing is located at the dominant retail signalized intersection in Rancho Cordova at Zinfandel Dr and Folsom Blvd with 44,000 cars per day. Other national tenants located at the intersection include Grocery Outlet, Marshalls, Michaels, PetSmart, Ross Dress for Less, Safeway, Target, ULTA Beauty, Walgreens and Walmart Supercenter.

Kevin Fryman, Bill Asher and Ed Hanley with Hanley Investment Group Real Estate Advisors represented the seller, a private investor based in Santa Monica. The buyer, a private investor from Fremont, was repped by Towis Le of Century 21 Real Estate Alliance of San Jose.

Hanley Investment Group recently sold the 99 Cents Only store and inline shop buildings totaling 54k sf on 4.76 acres at Zinfandel Crossing. The property, which was built in 1971, offered the buyer upside potential through 99 Cents Only’s below-market rent and the future lease-up of 22% vacancy.

According to Fryman, the third property listed for sale at the 99 Cents Only-anchored Zinfandel Crossing is a 6.8k sf multi-tenant retail pad building on 0.62 acres. The property is listed for sale at $3.845 mil. The 100%-occupied building is located at the hard corner pad to the 99 Cents Only Stores and benefits from eight points of ingress/egress and three prominent monument signs. The five-tenant retail building features internet-resistant, service-based tenants: Jersey Mike’s, Teriyaki Grill, Super Nails, California Check Cash and Donut King. Donut King has been a tenant there since 2000. Both Teriyaki King and Jersey Mike’s signed new 10-year leases in 2018.

“We have been able to maximize value for the seller through individual sales to private non-institutional investors in a price range of $2-$5 mil that in today’s market appeals to arguably the largest buyer pool in the retail investment industry,” said Asher. “Buyers recognize that this shopping center and its location and demographics offered upside as well as stability. There are 216,000 people with an average household income of $92,000 within a five-mile radius of the shopping center.”

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