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November 30, 2023
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NORTHERN CALIFORNIA NEWS
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CenterSquare Investment Management Picks Up 44k sf Sacramento Area Retail Center

5/16/22

CenterSquare Investment Management paid $17.25 mil for Waterman Grove Plaza, a 44.1k sf ($391/sf), value-add retail strip center in the growing Sacramento-area community of Elk Grove. The property was sold by Pacific Castle Management Inc.

The 89%-leased Waterman Grove Plaza houses a diverse mix of internet-resistant, national and regional quick-service restaurants, fitness, personal care and service tenants such as Pets To Go, Panda Express, Jamba Juice, Mountain Mikeís Pizza, 9Round, Subway and Envy Day Spa.

Positioned on 4.17 acres at 9304-9332 Elk Grove Blvd, Waterman Grove Plaza is at the intersection of Elk Grove Blvd and Waterman Rd in Elk Grove, a growing community 14 miles southeast of Sacramento. The area immediately surrounding the center is experiencing a boom in multi-housing development to support the growing and affluent residence base that includes 81,001 residents earning an average household income nearing $118,000 within a three-mile radius. Considered one of the largest growth markets in the country, the population has increased by an impressive 18.5% since 2010 and is showing no signs of slowing down.

Eric Kathrein, Gleb Lvovich, Bryan Ley and Warren McClean with JLL Retail Capital Markets represented the seller in the deal.






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