JLL Capital Markets arranged the sale of Arden Square to Rhino Investments Group
(EDITOR’S NOTE: According to public documents filed with the county, the transaction closed for $17.5 million, or just under $175 per square foot.)
SAN FRANCISCO, Feb. 22, 2022 –JLL Capital Markets announced today that it has closed the sale of Arden Square, a 100,162-square-foot neighborhood retail center anchored by BevMo!, Jo-Ann and OfficeMax in Sacramento, California.
JLL marketed the property on behalf of the seller, Raith Capital Partners. Rhino Investments Group acquired the asset.
Arden Square’s anchor tenants, BevMo!, Jo-Ann and Office Max, have called the center home for an average of 20 years. The nearly 90-percent-leased retail property is complemented by Kaiser Permanente, GameStop, Sacramento Credit Union, Jackson Hewitt Tax Services, Great Clips and Eco-Friendly Nail Salon. Constructed in 1961, the center was renovated in 1996.
Situated on 7.42 acres at 3102-3198 Arden Way, Arden Square is in Sacramento, California’s fastest-growing big city, and the retail market has benefited from this growth. The retail center enjoys a prominent position at the intersection of Arden Way and Morse Avenue within the seasoned Arden-Watt submarket. Additionally, the center serves a dense trade area that includes 140,000 residents within a three-mile radius.
The JLL Retail Capital Markets team representing the seller was led by Eric Kathrein, Tim Kuruzar and Warren McClean.
“Arden Square received tremendous interest with multiple competitive offers,” Kathrein said. “The process was a good example of a renewed appetite and conviction investors have in the Sacramento retail market. This interest has been consistent across all our recent closings in the Sacramento MSA, and we expect it will persist throughout 2022.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Raith Capital Partners
Raith Capital Partners is a private investment firm focused on commercial real estate debt and equity investment. Based in New York City, Raith has a significant presence in the U.S. real estate markets, investing on behalf of institutional and high-net-worth clients in discretionary funds and separate accounts. Raith supports its investment activities with a fully integrated asset management team.
About Rhino Investments Group
Rhino Investments Group is a privately held, diversified real estate acquisition and development firm whose principal competency lies within the repositioning and redevelopment of underutilized, distressed or environmentally challenged properties. Rhino Investments North American accumulative acquisition and development portfolio includes over five million-square feet under roof located on over 60+ sites throughout the United States.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.