Hanley Investment Arranges Sale of Sacramento Retail Center
Spreading across a 7-acre site at the intersection of Club Center Drive and Natomas Boulevard, the property is anchored by CVS Pharmacy, Ace Hardware and Dollar Tree.
By Alex Ciorogar
Natomas Shopping Center
Hanley Investment Group Real Estate Advisors has brokered the sale of Natomas Shopping Center, a 50,168-square-foot retail center in Sacramento, Calif. The property sold for $10.3 million with a 6.3 percent cap rate in a 1031 exchange.
Built in 2007, the asset is anchored by CVS Pharmacy, Ace Hardware and Dollar Tree. Spreading across a 7-acre site, the center is located at 2000-2050 Club Center Drive, at the intersection of Club Center Drive and Natomas Boulevard.
Hanley Investment Group Executive Vice Presidents Kevin Fryman and Bill Asher represented the seller, a private investor from Bakersfield, Calif., while the buyer, a private investor from the San Francisco Bay Area, represented himself. The asset was fully leased at the time of the deal.
“We achieved an aggressive market cap rate and structured a successful closing to satisfy the buyer’s 1031 exchange requirement five days prior to the buyer’s exchange deadline while obtaining a premium value for the seller,” Fryman said in prepared remarks.
In March, Hanley Investment Group Real Estate Advisors arranged the sale of Westlake Village, a 31,980-square-foot retail center in Sacramento, Calif., located at 3501-3511 Del Paso Road.
Image courtesy of Hanley Investment Group Real Estate Advisors
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