NewMark Merrill just made its third Sacramento acquisition with the purchase of Southgate Plaza for $42.1M. The 339,369 SF shopping center sold by Wrightwood Financial is anchored by Walmart Neighborhood Market, 99 Ranch Market and 99 Cents Only. CBRE’s National Retail Investment Group – West repped both buyer and seller. The recent sale highlights increased investor interest in Sacramento.
“The property has tremendous leasing momentum despite the existing 27% vacancy at the time of sale,” NRIG-West VP Jimmy Slusher says. “In the past 15 months, 53k SF or 21% of the property has been leased up.”
Additional retail tenants include Ross Dress For Less, Skechers, Baskin-Robbins, Sally Beauty, Payless Shoe Source, Chase Bank, Farmer & Merchants Bank, Taco Bell and H&R Block.
NewMark was previously hired to manage re-tenanting and repositioning of the shopping center after Wrightwood acquired the property five years ago.
NRIG-West has now closed 203 transactions since 2012 for $3.6B. Overall, NRIG-West has closed $9.6B in retail transactions. NRIG-West was CBRE’s top retail investment team last year with 63 transactions worth $940M spanning 88 properties totaling over 4M SF.
NRIG-West EVP Philip D. Voorhees and Jimmy along with EVP Todd Goodman, first VP Megan Wood, CFO Matt Burson, director Kirk Brummer, SVP Preston Fetrow and VP John Read repped Wrightwood Financial on behalf of one of its managed vehicles. CBRE Sacramento EVP Chris Campbell, first VPs Scott Carruth and Jason Read were leasing agents at Southgate at the time of purchase.
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