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December 17, 2018
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Phillips Edison Grocery Center REIT II Inc Buys Grocery-Anchored Center in Bakersfield


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.

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