Newmark Cornish & Carey (NCC) has completed the $32.5 million sale of Laguna Village, a 98 percent occupied 120,893-square-foot community retail center in the North Laguna area of Sacramento. The property is anchored by a 12-screen Regal Cinemas movie theater and 24 Hour Fitness with other tenants including Subway, Papa Murphy’s, and My Gym, among others.
NCC’s Senior Managing Directors Mike Zylstra and Forrest Gherlone represented the seller, Hall Equities Group. NCC’s Executive Vice President Tom Fehr, Senior Managing Director Anthony Pappageorge and Director Zachary LeBeouf represented the buyer, Laguna Village Investors LLC, a private investor from the Sacramento area.
“Laguna Village is an excellent asset with a majority of its tenancy comprised of destination and entertainment retail including restaurants, fitness, and a movie theatre which are more resilient to the on-line retail disruption. This tenant mix along with the center’s quality and stabilized occupancy, made it an attractive investment,” said Zylstra.
Zylstra added that Regal Cinemas is currently undergoing an approximately $3 million upgrade to include stadium and lounge chair seating, with upgraded food and beverage.
Located at 8755, 8785, 8759, 8765 and 8775 Center Parkway on just under 16 acres, Laguna Village was built in several phases between 1996 and 2003. It is on a heavily trafficked intersection of Center Parkway and Bruceville Road which sees more than 30,000 vehicles per day and is just one mile from Highway 99.
About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.newmarkccarey.com.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. NKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; NKF Capital Markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.