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9/22/21
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A Los Angeles-based private investor acquired Atwater Marketplace, a 100%-occupied, 96.2k sf shopping center anchored by Save Mart Supermarkets and CVS Pharmacy in Merced County, CA. The purchase price was not disclosed.
Built in 2007, Atwater Marketplace is located at 1601-1853 Bellevue Rd in the city of Atwater, in close proximity to Hwy 99, one of California’s primary north/south highways. There are 56,000 residents with an average household income of $73,000 within a five-mile radius of the shopping center. The city of Atwater is within a two-hour drive of San Francisco, Monterey, Napa Valley and Yosemite National Park.
In addition to tenants Save Mart and CVS Pharmacy, Atwater Marketplace tenants include Ace Cash Express, Baskin Robbins, Chase, Chinese Kitchen, Freeway Insurance, GameStop, Great Clips, Merco Credit Union, Rabobank, RE/MAX, Roundtable Pizza and Sourdough & Company.
Save Mart is the largest family-owned grocer in California and has successfully operated at the center since it was built in 2007. The Save Mart Companies operates 204 traditional and price impact stores under the banners of Save Mart, Lucky, Lucky California, FoodMaxx, and Maxx Value Foods. CVS Pharmacy, the retail division of CVS Health, is America's leading retail pharmacy with nearly 10,000 locations, including over 1,700 pharmacies inside of Target and Schnucks grocery stores. CVS has also operated at the center since the shopping center was built.
Hanley Investment Group’s Executive Vice Presidents Kevin Fryman and Eric Wohl represented the seller, Phillips Edison & Company Inc of Cincinnati, OH. The buyer was repped by Brett Visintainer of Visintainer Group of Fresno, California.
According to Fryman, Atwater Marketplace is an institutionally developed and operated, fully occupied, grocery-anchored shopping center with long-term, historical occupancy featuring 88% national and regional tenants.
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