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11/22/22
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Four former Sears development sites located across California were acquired by private investors in separate deals. The assets, in Fairfield, Ventura, Salinas and Sacramento, were sold by a single investor. The prices were not given out.
None of the buyers were affiliated with the adjacent mall owners. The new owners all have unique plans to redevelop the properties into new retail uses.
The properties include:
• 1420 Travis Blvd, which is connected to Fairfield’s Solano Town Center and features the 115.2k sf box space, a 28.5k sf Dave & Buster’s and a Raising Cane’s outparcel pad development.
• 3295 E. Main St and 3310 Telegraph Rd in Ventura, which consists of a 164.4k sf box space and a 14.1k sf 4 Wheel Parts outparcel located at the Pacific View Mall.
• 1700 N. Main St, a 138.4k sf box space within the Northridge Mall in Salinas.
• 5901 Florin Rd, a 231.3k sf box space and 14.3k sf. outparcel at the Florin Towne Center in Sacramento.
Gleb Lvovich, Daniel Tyner, Geoff Tranchina and Bryan Ley with JLL Retail Capital Markets represented the seller in these transactions. According to Lvovich, with limited big box vacancy in core markets and competition for infill sites from other sectors like industrial and multi-housing, the demand for prime redevelopment sites has never been greater.
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