SACRAMENTO, Calif. (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees announced today that he, Jimmy Slusher and their National Retail Investment Group – West (NRIG-West) team completed the sale of Southgate Plaza, a 339,369-square-foot grocery-anchored shopping center in Sacramento, Calif., leased to three high-performing grocers, Walmart Neighborhood Market, 99 Ranch Market and 99 Cents Only, along with a complementary mix of co-tenants including, Ross Dress for Less, Skechers, Baskin Robbins, Sally Beauty, Payless Shoe Source, Chase Bank, Farmer & Merchants Bank, Taco Bell, H&R Block and others. The sale price for the asset, located at Florin and Franklin in Sacramento, was $42.1 million.
CBRE’s retail investment experts Voorhees, Slusher, Todd Goodman, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read, represented Chicago-based Wrightwood Financial on behalf of one of its managed vehicles. The buyer, also represented by NRIG-West, was a subsidiary of NewMark Merrill Companies, LLC, a Los Angeles-based, full-service retail investment and management company. NewMark Merrill Companies had previously been hired by Wrightwood to oversee the re-tenanting and repositioning of Southgate after the asset was taken over by Wrightwood over five years ago. CBRE’s Sacramento-based Executive Vice President Chris Campbell and his partners First Vice Presidents Scott Carruth and Jason Read were the leasing agents on Southgate Plaza at the time of sale and generated tremendous leasing momentum over their tenure
According to Slusher, “The property had tremendous leasing momentum despite the existing 27% vacancy at the time of sale. In the past 15 months, 53,000 square feet or 21% of the property has been leased up.”