DPI Retail Buys $29M Northern Bay Area Retail Asset

Power Plaza is located near Interstate 80. Image courtesy of JLL

DPI Retail has acquired Power Plaza, a 112,250-square-foot retail center in Vacaville, Calif., for $29.2 million. JLL represented the seller, ProEquity Asset Management, in the transaction.

Located at 1001-1071 Helen Power Drive, at the intersection of Nut Tree Parkway and Helen Power Drive, the grocery-anchored property is within the Vacaville retail corridor along Interstate 80, close to Vacaville Premium Outlets and the Costco Wholesale store. The vehicle count along that section of the interstate is more than 175,000 daily, while the population within a 15-minute drive consists of 177,440 residents, with an average household income exceeding $100,000.

Built in 1993 and 1994, Power Plaza is nearly 100 percent leased, with Sprouts as its anchor tenant. Other tenants include Restoration Hardware Outlet and Williams Sonoma Home Outlet. Additionally, Pacific Dental Services, The Good Feet Store and Banfield Pet Hospital recently signed new leases. The average lease term at the property is 6.5 years.

Managing Director Eric Kathrein, Directors Tim Kuruzar and Warren McClean, along with Analyst Andy Spangenberg were part of JLL’s team that worked on behalf of ProEquity Asset Management. In another recent transaction, JLL represented the seller of Eastchase Market, a 261,730-square-foot retail center in Fort Worth, Texas.