Starboard Commercial Arranges Sale of Sacramento Retail Asset
- May 04, 2018
A San Francisco-based investor has acquired a 24,750-square-foot retail center in Roseville, Calif., for $4.5 million. Starboard Commercial Real Estate arranged the transaction.
Located at 318 N. Sunrise Ave., the 1992-built property spreads across a 2 acres. Interstate 80 is easily accessible from the property and downtown Sacramento is 22 miles away. Several apartment communities and hotels are nearby. According to Property Shark data, the asset last traded in 2016 for roughly $3.8 million. Pet Club is currently the only tenant of the 100 percent leased NNN investment.
“Conditions are still favorable to find NNN-leased investment properties. Cap rates have improved and financing is still readily available at attractive rates. Investors who are experiencing challenges with rent control, management or excessive operating expenses should consider whether a NNN-leased investment is more appropriate to their investment goals,” said Starboard Commercial Real Estate Associate Broker Richard Gumbiner, in prepared remarks. Gumbiner led the deal.
Considered a regional shopping destination, Roseville’s retail market is vital to the city’s economy. Westfield Galleria at Roseville is the main shopping center of the area and the second largest shopping mall in Northern California.
Photo via Google Street View