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SACRAMENTO NEWS
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Sacramento Area Retail Center Purchased for $11 Mil by SoCal Investors

12/13/19

A 61k sf, triple-net retail property in Carmichael, CA was acquired by Diamond Developers LLC, a SoCal-based group of private investors, in an $11 mil ($180/sf) transaction. The property, Carmichael Center, is located at 7223, 7225 and 7241 Fair Oaks Blvd, on a corner lot with high traffic and frontage within strong retail demographics, roughly 10 miles east of Sacramento.

The three-tenant, grocery-anchored shopping center also includes a Big Lots! discount tenant and a national bank branch. Big Lots has successfully operated at the center for more than 20 years and grocer Smart & Final recently signed a 15-year lease.

CBRE’s Alex Kozakov, Patrick Wade and team represented the seller -- 99 Palms, LLC – a private entity managed by San Diego-based Midtown National Group. The buying partnership was repped by an outside broker.

“With corporate guarantees from three national credit tenants that have proven resistance from the e-commerce impact, we received significant offer activity,” said Kozakov. “The buyer pool was primarily made up of Southern California private investors looking to achieve a higher yield in the Carmichael submarket versus the more aggressive cap rates in the coastal California areas.”

U.S. net-lease investment in 2019 is on pace to surpass last year’s record level, with an increasing number of investors attracted to this asset class by the prospect for strong risk-adjusted returns, according to the latest research from CBRE. Net-lease investment increased by 30.2% year-over-year to $20.9 bil in Q3 2019, the third-highest quarterly total on record.





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