By Kate Snyder
Another large sale was recorded in Folsom recently, this time part of a regional retail center. Invesco Real Estate has sold Broadstone Plaza I for $62.75 million, or approximately $258 per square foot, according to a report by the Sacramento Business Journal. The 243,460 square foot center was purchased by an entity affiliated with MetLife Investment Management, the report states. The sale was recorded in October.
Located at 2661-2776 E Bidwell St., Broadstone Plaza I is part of the greater Broadstone Plaza, a regional shopping and entertainment center that totals 532,000 square feet, according to the property’s website. Broadstone Plaza tenants include Cost Plus, Ashley Furniture, Round Table Pizza and Bath & Body Works.
The property primarily serves eastern Sacramento and El Dorado Counties including Folsom, El Dorado Hills, Cameron Park, Granite Bay and Placerville. The plaza is adjacent to E Bidwell Street’s intersection with Broadstone Parkway and sits just off Highway 50. Other nearby locales include the John Kemp Community Park, Folsom Lake College and Folsom Gateway, according to Google Maps.
MetLife is based in New Jersey but has offices across the globe, according to its website. The firm is the institutional asset management business of MetLife, Inc., one of the world’s leading financial services companies, and has $590.9 billion of total assets under management as of June 30. Earlier this year, the company put up for sale for $149.5 million a portfolio of 22 net-leased sites occupied by Chase Bank in Northern and Southern California, according to The Registry’s previous reporting.
Two multifamily communities were the subject of another large recent sale in Folsom. In a $210 million portfolio deal, San Francisco-based Prime Residential bought The Falls at Willow Creek for $148.6 million, or approximately $348,826 per unit, and The Legends at Willow Creek for $61.4 million, or approximately $295,192 per unit, according to previous reporting from The Registry. The seller for both properties was listed as entities affiliated with Gerson Bakar & Associates.