Sacramento Retail Center Sells for $21M
- Nov 13, 2019
Pacific Castle Management Inc. has sold Strawberry Creek, a 57,373-square-foot retail center in Sacramento, Calif., for $21 million. Marcus & Millichap represented the seller and procured the buyer, a local private investment group, in the transaction.
Located at the intersection of Cosumnes River Boulevard and Bruceville Road, the shopping center is near Freeway 99, roughly 1 mile from Cosumnes River College and Kaiser Permanente South Sacramento Medical Center. The area is densely populated—approximately 180,442 people live within a 3-mile radius, with an average annual income of roughly $75,800.
Constructed in 2007, the four-building retail asset occupies 7.4 acres and features a vacant parcel that provides the opportunity for expansion. Strawberry Creek is leased to a mix of national tenants, including Starbucks, Jamba Juice and Subway and it’s shadow-anchored by a 133,000-square-foot Target.
Marcus & Millichap’s brokerage team included First Vice President Edward Nelson and Senior Managing Director Nicholas Scelsa. In October, the firm also arranged the sale of a 24,635-square-foot retail center in Kissimmee, Fla.