Granite Bay Retail Center Snapped Up by Vestar
- May 11, 2016
By Alex Girda, Senior Editor
Sacramento, Calif.—The Sierra Oaks Plaza in Granite Bay, Calif. was recently acquired by Vestar in a deal worth an estimated $28.1 million. It is the buyer’s sixth retail center acquisition over the past 12 months. During that interval, Vestar acquired assets valued at roughly $700 million across the Western U.S.
Located at 4060 Douglas Blvd., the neighborhood shopping center offers a total of 105,555 square feet of space. Set near the intersection of Douglas Boulevard and Sierra College Boulevard in the Granite Bay submarket of the Sacramento MSA, the shopping center is anchored by a Walmart Neighborhood Market. Other names on the property’s tenant roster include Habit Burger, Crunch Fitness, Tri Counties Bank, and Chick-Fil-A. The retail center’s presence in one of Sacramento’s most highly-developed submarkets was also a factor in the acquisition process.
The purchase complements the company’s strategy to acquire grocery-anchored retail centers in densely populated areas. “We plan to continue acquiring strategic centers in key markets that have strong demographics and growth such as Sierra Oaks Plaza,” Vestar Vice President of Acquisitions Clint Marchuk said in a prepared statement.
Image courtesy of Vestar.