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8/19/16
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A NoCal-based private investor has acquired Shops at Stonecreek Plaza, a 52.2k sf strip center in Los Banos, a CA city located about 80 miles southeast of San Jose. The property, leased to a synergistic mix of regional and local tenants including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and a drive-thru Starbucks, traded for $12 mil ($230/sf).
Shadow-anchored by Target and Hobby Lobby, the Shops at Stonecreek Plaza is situated on a 6.39-acre site along Hwy 152, at 1363-1451 W. Pacheco Blvd. It shares access with a Walmart Supercenter. The property was built in 2009 and was 87% leased at the time of sale.
Philip D. Voorhees, Jimmy Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, and Preston Fetrow of CBRE’s National Retail Investment Group – West (NRIG-West) team, and CBRE Vice Chairman Richard Rizika, represented the seller, Rich Development Company, a San Pedro-based investment company. The buyer was repped by a cooperating/selling broker. The property closed at a 7.1% cap rate.
“Pad retail investments like Stonecreek Plaza are historically stable, reliable retail investments,” said Voorhees. “Increasingly, we see investors seeking assets in secondary and tertiary trade areas in order to obtain better yields than what is currently available in the primary and coastal markets.”
“National credit tenants comprise more than 70% of the square footage at the property, and the few remaining vacancies provide near term rental upside for the buyer,” said Slusher. “Our team facilitated the buyer’s assumption of an existing CMBS loan that, while perfect for this buyer, made this transaction more challenging.”
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