Sacramento-Area Shopping Center Trades
- Jun 28, 2017
Soma Capital Partners, in a joint venture with Toronto-based Timbercreek Asset Management, acquired Blue Oaks Marketplace, a 100,000-square-foot Class A shopping center located in Rocklin, Calif., for $19.2 million. The seller of the property is Diamond Creek Properties, a developer based in Sacramento.
Located at 6815-6851 Lonetree Blvd. at the northeast corner of Blue Oaks and Lonetree boulevards, Blue Oaks Marketplace is in a prominent Sacramento retail node with surrounding median incomes of more than $120,000. The single-story asset was built in 2004 for an estimated $32 million to accommodate a large grocery business.
At the time of the transaction, the property was 81 percent leased. The new owner plans to develop and reposition two hard-corner pad sites and implement general capital improvements to attract a business in the food service space.
Second CA Acquisition This Year
The acquisition is the second purchase for SCP this year. In February, the company acquired a fee-simple ownership on Automation Parkway, a 250,000-square-foot office building located in San Jose and signed a lease for 82,000 square feet with Quantenna Communications.
“This will be a very active year for us as we estimate opening Quantenna in October 2017 and start renovation work at Blue Oaks, which is very well positioned in Rocklin to attract notable pad and grocer tenants,” said David Smith, partner with SCP, in a prepared statement.
“We have been very disciplined over the past two years evaluating a tremendous number of opportunities on the West Coast. It’s a competitive landscape with value-add real estate funds looking to put capital out the door and we are very pleased with these two new acquisitions in the Bay Area, which both offer compelling risk-adjusted returns,” added SCP Partner Jordan Caspari.
Image courtesy of Gallelli Real Estate