Vacaville, Calif. – April 21, 2022 – CBRE announced the sale of Nut Tree, a 370,114- square-foot Best Buy, T.J. Maxx, Nordstrom Rack-anchored regional center located in Vacaville, Calif., to Northern Calif.-based investor Tower Investments for $124.5 million ($336 per square foot).
Jimmy Slusher, Philip D. Voorhees and James Tyrrell of CBRE’s National Retail Partners – West represented the seller, a partnership managed by Dallas-based Dunhill Partners, in the transaction. Tower Investments has retained Dunhill Partners to manage Nut Tree moving forward.
Nut Tree is located at 1621 E. Monte Vista Ave. The property is 96% leased to Best Buy, PetSmart, Nordstrom Rack, Five Below, BevMo!, HomeGoods, Old Navy, Cost Plus World Market, ULTA Beauty, along with a complementary mix of national, regional and local retailers, service retail and restaurants. The center consists of 68 local and national retailers.
“Nut Tree’s traditional, value-focused retailers, entertainment plaza and easily accessible location proved to support increasing tenant performance at the property,” said Slusher. “Investor demand for high-performing, open-air retail continues to drive competitive bid scenarios.”
“CBRE generated offer activity from both nationwide private 1031 exchange buyers and traditional institutional capital, largely fueled by shifting consumer trends, favorable debt terms at the time of marketing and suburban migration to cities such as Vacaville,” Slusher added.
Originally opened by the Power Family in 1921 as a roadside fruit stand, Nut Tree was developed into its current configuration between 2006 and 2008. The center sits on 71 acres and benefits from over 2,500 feet of frontage along Interstate 80, where traffic counts exceed 166,800 vehicles per day.
“Nut Tree has long served as an iconic Interstate-80 shopping and entertainment destination for a vast trade area as well as those traveling to and from the San Francisco Bay Area to locations like Sacramento, Tahoe and Reno,“ said CBRE’s Tyrrell. “Nut Tree’s core anchors benefit from the center’s quick access to Interstate 80, making in-person shopping ideal for last-minute needs or provisions, in addition to the surrounding population growth fueled by the pandemic when many relocated away from heavy restrictions in core Bay Area cities.”
Slusher, Voorhees and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Nevada, Arizona and Hawaii, representing the most accomplished retail investors in the U.S. The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.