The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 10, 2017
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



VENTURA COUNTY NEWS
Printer-friendly Version   Email an Associate
Phillips Edison Grocery Center REIT II Inc Buys Grocery-Anchored Center in Bakersfield

8/08/17

Phillips Edison Grocery Center REIT II Inc purchased Riverlakes Village, a 92.2k sf, grocery-anchored shopping center in the city of Bakersfield. The price was not disclosed.

The neighborhood shopping center, which was 97% leased at the time of sale, is anchored by Vons with a synergistic mix of high performing tenants such as CVS/pharmacy (NAP), US Bank, Starbucks, Chipotle, Supercuts, Verizon Wireless, Carl’s Jr. (NAP), and Bank of America (NAP).

Built in 1997, Riverlakes Village consists of six parcels totaling 9.48 acres at the southeast corner of Coffee Rd and Hageman Rd. This intersection provides immediate access to the area’s most established and affluent neighborhoods, which have an annual household income averaging nearly $100,000.

CBRE’s Philip D. Voorhees, Preston Fetrow and Kirk Brummer, in conjunction with the National Retail Partners – West (NRP-West) team of Jimmy Slusher, Megan Wood, Matt Burson, Sean Heitzler, James Tyrrell and John Read, represented the seller, Crow Holdings Capital Real Estate (CHC-RE), a Dallas-based manager of private real estate funds.

According to Voorhees, "The yield premium in the secondary markets such as the Central Valley, is compelling for investors in today's low cap rate environment and Riverlakes Village’s excellent grocery and restaurant sales, i.e. Chipotle, Steak and Grape’s and Me-N-Ed’s Pizza, demonstrate the quality of this location.”

“Benefitting from grocery/pharmacy anchors, generating strong sales volumes from a convenient location in an affluent submarket, Riverlakes Village appealed to investor demand seeking strong real estate fundamentals,” said Brummer.





Return to the previous page
 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2017 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media