Sacramento Shopping Center Trades Hands For $53M
Park Place shopping center in Sacramento was purchased for $53M by a TRC Retail-affiliated entity. The 122K SF shopping center is fully leased to tenants like Kohl’s, Marshalls, Dress Barn and Lane Bryant.
The purchase price works out to about $433 per SF. An entity affiliated with First Washington Realty sold the property, according to The Registry, which first reported the transaction. The buildings are at 4650 Natomas Blvd. and 2221 Del Paso Road.
Availability for retail space is expected to be a challenge in 2023. CBRE reported low retailer availability in the third quarter of last year, falling to 5% nationwide, and retail REIT leadership said the lending environment will likely create a premium for available space.