NewMark Merrill Buys CA Shopping Center
- Nov 23, 2017
NewMark Merrill Cos. acquired Madison Marketplace, a 258,981-square-foot shopping center in Fair Oaks, Calif., previously owned by TA Realty. The company obtained a 10-year fixed-rate loan provided by John Hancock Insurance for the purchase. Pacific Southwest Realty Services arranged the financing.
“Madison Marketplace provided us an opportunity to acquire the dominant grocery-anchored center in the area with strong demographics, great co-tenants and an amazing location. Fair Oaks is rapidly growing, has a great employment base, retail and housing options,” said Sandy Sigal, president & CEO of NewMark Merrill, in a prepared statement.
Strong tenant mix
The shopping center, which adds to a portfolio counting more than 78 retail properties, is located at the corner of Madison Ave. and Hazel Ave. and is anchored by Raley’s Supermarkets. It is 93 percent leased to several national and local retailers and restaurants including TJ Maxx, Petco Pet Supplies, Dollar Tree, Chipotle and Starbucks.
NewMark Merrill was represented in-house by Sigal, CFO Sandra Kist. Senior Vice President Jim Patton, Vice Presidents Brad Pearl and Susan Rorison. Palmer Capital Inc.’s President & CEO Bill Palmer and Roman Benvenuti, one of the investment partners, closed the deal on behalf of the owner. Kostas Kavayiotidis, principal with Pacific Southwest Realty Services, arranged the loan.
Image courtesy of NewMark Merrill Cos.