|
|
4/25/22
|
Nut Tree, a 370.1k sf Best Buy, T.J. Maxx, Nordstrom Rack-anchored regional center located in Vacaville, was acquired by NoCal-based Tower Investments for $124.5 mil, or $336/sf.
Located at 1621 E. Monte Vista Ave, Nut Tree is 96% leased to Best Buy, PetSmart, Nordstrom Rack, Five Below, BevMo!, HomeGoods, Old Navy, Cost Plus World Market, ULTA Beauty, along with a complementary mix of national, regional and local retailers, service retail and restaurants. The center consists of 68 local and national retailers.
Originally opened by the Power Family in 1921 as a roadside fruit stand, Nut Tree was developed into its current configuration between 2006 and 2008. The center sits on 71 acres and benefits from over 2,500 feet of frontage along Interstate 80, where traffic counts exceed 166,800 vehicles per day.
Jimmy Slusher, Philip D. Voorhees and James Tyrrell of CBRE’s National Retail Partners - West represented the seller, a partnership managed by Dallas-based Dunhill Partners, in the transaction. Tower Investments has retained Dunhill Partners to manage Nut Tree moving forward. According to CBRE, the listing generated offer activity from both nationwide private 1031 exchange buyers and traditional institutional capital.
“Nut Tree’s traditional, value-focused retailers, entertainment plaza and easily accessible location proved to support increasing tenant performance at the property,” said Slusher. “Investor demand for high-performing, open-air retail continues to drive competitive bid scenarios.”
“Nut Tree has long served as an iconic Interstate-80 shopping and entertainment destination for a vast trade area as well as those traveling to and from the San Francisco Bay Area to locations like Sacramento, Tahoe and Reno,“ said CBRE’s Tyrrell. “Nut Tree’s core anchors benefit from the center’s quick access to Interstate 80, making in-person shopping ideal for last-minute needs or provisions, in addition to the surrounding population growth fueled by the pandemic when many relocated away from heavy restrictions in core Bay Area cities.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
