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10/17/25
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The Shops at Laguna Reserve, a 33.3k sf, fully leased shopping center shadow-anchored by a newly constructed Safeway grocery store in Elk Grove, CA, was acquired by Bershon Realty Company LP in a $19.175 mil ($576/sf) transaction. The center was originally developed by Donahue Schriber.
Located at 10040–10064 Bruceville Rd, about 18 miles south of downtown Sacramento, The Shops at Laguna Reserve spans four parcels totaling 4.16 acres at the hard-corner, signalized intersection of Whitelock Pkwy and Bruceville Rd, which sees an average of 24,000 vehicles per day.
Six pad buildings were constructed in 2005, and in 2024, the Safeway was added, enhancing the center’s visibility and tenant mix. The sale included the fee-simple interest in the six buildings and underlying land. Safeway was not part of the transaction.
The pad and shop buildings are occupied by a mix of national and local tenants, including Starbucks, Pacific Dental, Bank of America, and Round Table Pizza. Additional tenants include a nail salon, dry cleaners, pet hospital, pet groomer, and specialty food shops. More than half of the tenants have maintained long-term occupancy, reflecting the property's enduring appeal and consistent demand.
The seller, a private investor based in Roseville, was represented by Adam Rainey, Pat Ronan and Aman Bains of Gallelli Real Estate, also based in Roseville. The buyer was reped by Bill Asher and Jeremy McChesney of Hanley Investment Group Real Estate Advisors, based in Corona del Mar, California.
The Elk Grove submarket reports a retail vacancy rate of just 2.3% across 6.2 msf, with strong household demographics and limited new construction contributing to upward pressure on rental rates. The property is located in a densely populated area near Franklin High School and Toby Johnson Middle School, with more than 106,000 residents and 34,500 households within a three-mile radius.
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