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4/08/21
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A Stockton-based private investor purchased a vacant, 26.5k sf retail building in Rancho Cordova for $1.8 mil ($68/sf). The building, constructed in 1975 and formerly occupied by Fit Republic, is situated on 2.41 acres at 2810 Zinfandel Dr.
The transaction represents the fourth and final sale of a break-up strategy of the 99 Cents Only-anchored Zinfandel Crossings, within the Sacramento metro area. The other three property sales executed at Zinfandel Crossings consisted of the 99 Cents Only-anchored center for a total of 54k sf, a two-tenant retail pad building totaling 4.4k sf, and a five-tenant pad building totaling 6.8k sf. The four deals totaled over $11.4 mil.
Zinfandel Crossings is located at the dominant retail signalized intersection in Rancho Cordova at Zinfandel Drive and Folsom Boulevard 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 represented the seller, a private investor based in Santa Monica. According to Fryman, the combined sales of the four individual properties sold at Zinfandel Crossings totaled approximately $2.5 mil more in value than if the seller had sold the entire shopping center as a single property.
“The sale represents a premium price for a vacant retail box sale in greater Sacramento,” Fryman noted. “The property represents an excellent value-add investment opportunity in the epicenter of all retail activity in Rancho Cordova, an affluent and growing Sacramento suburb.”
“We were able to maximize value for the seller through individual sales to private non-institutional investors in a price range of $2 mil to $4 mil, a price point range that greatly appeals to the largest buyer pool in the retail investment industry,” said Asher. “Buyers recognized 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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