Goldman Sachs Sells CA Mall for $22M
- Oct 02, 2018
Goldman Sachs has sold a shopping mall in Santa Maria, Calif., to a global insurance company for $21.5 million. The asset has a total of 331,804 square feet and is anchored by a Sears and a Macy’s department store, both of which were not part of the sale.
Built in 1976, Santa Maria Town Center (SMTC) is situated on 6.1 acres at 100 Town Center East in Santa Maria, adjacent to the Santa Maria City Hall, Civic Center, Santa Barbara Superior Court and the city transit center. In addition to an assortment of regional and national tenants, SMTC also houses an Edwards Theatres RPX Digital Cinema.
George Good, James Tyrrell, Jimmy Slusher and Philip Voorhees of CBRE represented the seller, Goldman Sachs, in the deal.
“SMTC represents the only enclosed shopping experience or department store option within a 60-mile radius,” said Slusher in prepared remarks. “Santa Maria Town Center’s continued performance with year-over-year NOI growth, increasing tenant sales and new tenant leasing interest has bucked today’s mall trends, representative of its downtown location and connection to the residents of the expanded Santa Maria trade area.”
In July, KeyBank Real Estate Capital provided a $26.8 million CMBS loan for the 119,800-square-foot Enos Ranch Center retail property in Santa Maria.
Image courtesy of CBRE