San Mateo, Calif., February 8, 2021 – Nazareth Enterprises, Inc., a privately-held, diversified investment firm founded by Mounir Kardosh, President and CEO of Nazareth based in San Mateo, California, has completed the acquisition of the EcoThrift Mall, a 38,600-square-foot retail building on 3.6 acres, together with an adjoining, developable parcel of 0.77 acres, located at 7224 55th Street, Sacramento, Calif. for a total of $5,375,000.
The subject property is positioned along one of Sacramento’s major traffic and retail corridors, with daily traffic counts exceeding 201,000 vehicles. The main tenant, EcoThrift, is California’ highest for-profit thrift store with six locations. Additionally, the subject property offers revenue from a billboard facing the Hwy. 99.
Chris Talia of The Mansour Group, Marcus & Millichap represented the Sellers. Financing was arranged by Ryan Park of Bank Leumi USA.
“In 2017, we identified Sacramento County as an opportunity-rich environment, with solid cap rates and strong patronage. This has been borne out with the ongoing exodus from the Bay Area, which has only increased during the past year.” Said Mounir Kardosh, Founder and CEO of Nazareth Enterprises.
“We were pleased to find this quality location, due to its strong in-place revenue, loyal retail base, and the development opportunity provided by the outparcel. Additionally, with the recent growth Sacramento is experiencing, the business has a bright future.” said Mr. Kardosh.
About Nazareth Enterprises, Inc:
Nazareth Enterprises, Inc. is a privately-held, diversified investment firm, with real estate assets exceeding $300,000,000 throughout Northern California. Through principled management and core operational skills, Nazareth Enterprises has successfully engineered an organization that supports the agility and focus of its individual operating companies by leveraging the strength and reach of the parent. Since the acquisition of its first business opportunity in 1976, Nazareth Enterprises has exhibited dynamic growth, based on its founder’s vision and commitment to fostering a quality environment that affords its residents, tenants, and associates, the opportunity to lead fuller, more productive lives while encouraging a strong sense of community.