Roseville, April 4, 2017 — Gallelli Real Estate announced today the sale of The Raley’s Center of Elk Grove located at 4900 Elk Grove Blvd in Elk Grove, California. Gallelli Real Estate marketed the property on behalf of the sellers, Ridge Capital and Panattoni Development Company.
“It was a privilege to work along side Panattoni’s incredible team on this listing. We value our long-term relationship with the company and admire their philosophy of brokers being not only their sales platform, but their trusted advisors.” Gary Gallelli, President of Gallelli Real Estate.
Barings, a global asset management firm, purchased the asset. The ±103,853 SF shopping center closed at $366.86 PSF on April 3rd. Built in 2006, the grocery-anchored shopping center was on the market for a short period of time before receiving numerous qualified offers. The center is the only retail property located at the highly trafficked intersection of Franklin Boulevard and Elk Grove.
“The Raley’s Center of Elk Grove is one of the dominant grocery-anchored retail centers within the sub-market,” Gary Gallelli said. “The asset is anchored by a high-performing Raley’s and offers the new owner multiple capitalization streams through lease up and the uprise in market rents.
“Grocery-anchored centers remain high on investors’ lists of preferred product types due to the “e-commerce resistance” they provide in the ever changing retail market. Grocery stores still offer products that draw people into their stores, thus adding value to the surrounding tenants.” Jason Gallelli, Executive Vice President.
About Gallelli Real Estate
Gallelli Real Estate is a boutique firm that specializes in commercial estate services and property management. We believe that as a boutique firm whose understanding of the business runs as deep as our core values, our advantage is large. We take pride in our unique approach to offer more individual solutions that address the ever changing needs of our clients and the industry. After all, our success is measured by the success of our clients and the strength and longevity of our relationships. For the latest news from Gallelli Real Estate, visit GallelliRE.com, or follow us on Twitter: @Gallelli_RE and LinkedIn.