CITRUS HEIGHTS, Calif., Jan. 5, 2022 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of four parcels of SummerHills Plaza, a nearly 135,000-square-foot grocery-anchored neighborhood shopping center in Citrus Heights, California. The property traded for $16.75 million, or $155 per square foot.
“IPA’s tailored marketing strategy generated a highly competitive bid process to secure the most discerning investor in the state, Ethan Conrad Properties,” said Bill Rose, IPA senior managing director investments. “The center’s net operating income projects a 3.5% compound annual growth rate from 92% credit tenant income on 9.4 year weighted average lease terms. SummerHills Plaza is home to reliable tenants, including Raley’s and Dollar Tree.” Rose, along with Marcus & Millichap’s Edward J. Nelson and Wyatt Figueroa represented the seller, Citivest Commercial Investments, and procured the buyer, Ethan Conrad Properties.
“Sacramento continues to be a premier choice for the growing population of people seeking an affordable live-work-play location in proximity to the Bay Area, Napa Valley and Lake Tahoe,” added Nelson. “With 56,872 households within a three-mile radius and average annual household income of $85,774, SummerHills Plaza is a hub for consumers that is easily accessed from Antelope Road, which carries 24,000 vehicles per day and over 192,000 vehicles on nearby California Interstate 80.”
Originally constructed in 1967 and refurbished in 2020, three of the property’s tenants, Raley’s, Dollar Tree and Round Table Pizza, have been successfully serving the community at SummerHills Plaza for 30 years. The tenant roster includes Dutch Bros. Coffee, whose double drive-through debuted in the fall of 2021.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.