North American Development Enters California Market with $23.5M Shopping Center Acquisition
- Apr 08, 2010
April 8, 2010
By Allison Landa, News Editor
Shopping center development firm North American Development Group has taken a toehold in the Golden State. The company has acquired Rock Creek Plaza, a 205,100 square-foot regional shopping center in the town of Auburn near Sacramento. Made on behalf of a shopping center investment fund, the deal was all-cash in the amount of $23.5 million.
Extensively remodeled in 2008, Rock Creek is located at a heavily traveled intersection in a major shopping district. It is fully leased and anchored by K-Mart; other tenants include Petco, Rite Aid, Best Buy and BevMo. Fouy Ly of Sperry Van Ness represented North American as well as the private investment trust that sold the property.
When announcing the news, North American managing partner Stephen Preston said that the company is actively seeking retail properties and ground-up development projects statewide.
The company’s portfolio includes properties in Arizona, Colorado, Florida, Georgia, North Carolina, New Mexico, and Texas, as well as projects under development and slated for future development in Arizona, Florida, Tennessee and Texas. In terms of square footage, its largest property is the Mall of the Americas in Miami, which weighs in at nearly 800,000 square feet. It also has properties in Canada.
North American’s offices are located in Palm Beach Gardens, Nashville, Dallas, Denver, Scottsdale/Phoenix, and Newport Beach, Calif. In Canada, its offices are located in Toronto, Edmonton, Montreal and Halifax.