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September 16, 2019
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NORTHERN CALIFORNIA NEWS
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Two Sacramento Area Shopping Centers Trade Hands in Deals Totaling $24.6 Mil

7/29/19

Two shopping centers in the Sacramento area sold for a total consideration of $24.6 mil. The assets -- Currier Square Shopping Center in Oroville and Crossroads Shopping Center in Auburn -- were sold by Community Centers of America and acquired by investors in Sacramento and Los Angeles, in separate deals.

Currier Square is a 131k sf, seasoned, grocery-anchored, open-air community shopping center anchored by a high-grossing Raley’s Grocery, Marshalls and Petco (all included as part of the sale) and included four out-pad parcels ideally positioned for redevelopment / buildout. It sold for $14.8 mil.

Raley’s, founded in 1935, operates 129 stores throughout the Sacramento MSA; under the banners Raley’s, Bel Air Markets, Nob Hill Foods and Food Source. The property is 88.5% leased, and more than 96% of the leased GLA is occupied by regional and national tenants. Many of the tenants, including Raley’s and Marshalls, were posting strong gross sales.

Crossroads Shopping Center, Auburn
Crossroads Shopping Center, Auburn
Crossroads Shopping Center, in Auburn, is a 125.8k sf, open-air, community shopping center anchored by Safeway, Ross Dress for Less, CACFit, AutoZone and Famous Footwear. It traded for $9.8 mil.

Ross Dress For Less, an original tenant in the center, just recently extended their lease term and posts very strong gross sales. Safeway, which features Western Union, Starbucks and an Amazon Locker (the only one in Auburn), was not a part of the sale.

The property features a seasoned, secure income stream, as 74.6% of the GLA is leased to original tenants from when the property was built in 1994 and 91.9% of the leased GLA is occupied by national and regional tenants accounting for 87.5% of the total rent. Located within one of the more affluent trade areas within the greater Sacramento area, the property enjoys great visibility and accessibility in the heart of Auburn’s Retail Hub; additional retailers in immediate proximity include Target, Home Depot, Smart & Final, Rite Aid, Michaels, PetSmart, Petco, BevMo!, Ulta, Chick-Fil-A and Starbucks.

Samer Khalil of Lucescu Realty’s Private Client Services Group represented the seller and procured the buyers in the transactions. Greg Wendelken, also with Lucescu Realty, assisted on the Oroville transaction

“Both of these Properties are institutional-quality centers and are among the most dominant and successful shopping centers within their respective trade areas. Blue chip tenant rosters that include grocery anchors, located in infill locations with high barriers of entry are in the highest demand amongst retail centers today,” noted Khalil.






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