By Jon Peterson
The 371,524 square foot Nut Tree Shopping Center in Vacaville located at 1661 East Monte Vista Avenue is now on the market for sale. The price point could reach $135 million or $363 per square foot, according to sources familiar with the sale of the property.
The current owner of the property is Dallas-based Dunhill Partners, which had acquired this space in two phases between 2012 and 2014. The real estate investment company has selected CBRE to be the listing agent on the sale, as stated by sources aware of the situation. Dunhill did not respond to phone calls seeking comment for the story. CBRE declined to comment.
Nut Tree is a major retail shopping destination in the region. It benefits from being located across Highway 80 from the Vacaville Premium Outlets shopping center. Nut Tree is considered to be a core asset, and it has shown the ability to produce durable and reliable income over a significant period of time.
The shopping center is now 95.5 percent occupied, and the tenants in the property include companies like Best Buy, PetSmart, Old Navy, BevMo, Michaels Stores and Cost Plus World Market.
The property has strong demographic numbers, according to sources familiar with the property. The population figures are 83,879 for three miles, 246,318 within 10 miles and 455,479 for 20 miles. The 2017 average household income is $86,962 for three miles, $85,435 for 10 miles and $91,125 for 20 miles. The projected population growth over the next five years is 5.92 percent for three miles, 5.48 percent for 10 miles and 5.73 percent for 20 miles.