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9/28/16
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A 7.1k sf retail property in Elk Grove, CA has sold for $3.51 mil, or $494/sf. The property includes a single-tenant freestanding restaurant building that is NNN-leased to Chicago Fire Pizza, one of the Sacramento region’s top pizza restaurants.
Built in 2005 and renovated in 2015, the property is situated on 1.47 acres at 7101 Laguna Blvd and is adjacent to the 442k sf Laguna Crossroads Center, which includes Target, Orchard Supply Hardware, and Steinmart. The property is also within a strong retail corridor with other retailer brands including The Home Depot, T.J. Maxx, BevMo, PetSmart, and Best Buy. It is within an area with more than 292,000 consumers within a 5-mile radius.
Jeff Conover and Thomas Chichester with Faris Lee Investments represented the seller, EGB Elk Grove LLC. The buyer, Berkeland Family Revocable Living Trust, was repped by Matthews Retail Advisors. The closing cap rate was 6.5 percent. According to Faris Lee, the listing generated a total of 15 offers with multiple backup offers. The tenant recently signed a new 15-year lease with extension options, providing the buyer with stable income and limited landlord responsibilities.
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