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CBRE’s Philip D. Voorhees and NRIG-West Team Complete Sale of Target Outpad and Retail Strip Center in Los Banos, Calif.

Shops at Stonecreek Plaza Sells for $12 Million, 7.1% Cap Rate in Merced County

LOS BANOS, 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 the Shops at Stonecreek Plaza, a 52,171-square-foot strip center in the city of Los Banos, Calif., 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. The sale price was $12 million, representing a 7.1% cap rate.

Petco_Los Banos

CBRE’s retail investment experts Voorhees, Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, and Preston Fetrow, and CBRE Vice Chairman Richard Rizika, represented the seller, Rich Development Company, a San Pedro, Calif.-based investment company. The buyer, represented by a cooperating/selling broker, was a Northern California-based private investor focused primarily on multi-tenant retail investments.

“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.”

Shops_Los Banos

Shadow anchored by Target and Hobby Lobby, the Shops at Stonecreek Plaza, located at 1363-1451 W. Pacheco Blvd., sits on a 6.39-acre site along Highway 152, and shares access with a Walmart Supercenter. The property was built in 2009 and was 87% leased at the time of sale.

“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.”

According to Voorhees and Slusher, the CBRE team’s marketing system distributed more than 642 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated more than six offers to purchase the property. The purchase price mirrored CBRE’s pricing guidance to the ownership.

According to Rizika, “Located next to Target and Walmart, Stonecreek Plaza is the dominant shopping center in the trade area presenting an exceptional upside opportunity for the buyer.”

In 2015, the NRIG-West team was CBRE’s #1 retail investment team nationally with a total transaction volume exceeding $940 million in 63 transactions, encompassing 88 properties, totaling more than four million square feet in size. With this closing, CBRE’s NRIG-West team has closed 196 transactions since the start of 2012 for a total consideration of $3.5 billion. In total, the NRIG-West team has listed and sold more than $9.5 billion in retail transactions. Select NRIG-West Team California listings include Lassen Shopping Center in Susanville, Calif., listed for sale for $9,255,000; Page Plaza in Hemet, Calif., listed for sale for $12,432,000; and In-N-Out in San Diego, Calif., offered for sale for $8,481,000. More information available at

NRIG-West team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The team’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings:

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at