(EDITOR’S NOTE: According to public records, the asset sold for $62.15 million, or about $287 per square foot.)
JLL Capital Markets completed the sale of Town & Country Village to Phillips Edison & Company, Inc.
SAN FRANCISCO, Nov. 29, 2021 – JLL Capital Markets announced today that it has closed the sale of Town & Country Village, a 216,320-square-foot, dual grocery-anchored community center in Sacramento, California.
JLL marketed the property on behalf of the seller, Donahue Schriber. Phillips Edison & Company, Inc. acquired the asset.
Anchored by Trader Joe’s and Sprouts Farmers Market, the 91-percent-leased Town & Country Village is also home to a diverse lineup of national and regional tenants, including Bed Bath & Beyond, Ross Dress for Less, T.J.Maxx and Five Below. The retail center was constructed originally in 1950 and most recently renovated between 2013 and 2014.
Town & Country Village is situated on 19 acres at 2601-2651 and 2717-2805 Marconi Ave. at the signalized intersection of Marconi and Fulton avenues, the main intersection in the trade area, which provides regional access and visibility to more than 60,000 vehicles per day. This irreplaceable, infill location serves a dense, mature area in Sacramento, which is currently one of the top growth markets in the country. More than 342,200 residents earning an average annual household income of $85,055 live within a five-mile radius of the center, and that population is anticipated to increase to nearly 359,900 by 2025.
The JLL Retail Capital Markets team representing the buyer was led by Eric Kathrein, Geoff Tranchina, Bryan Ley and Gleb Lvovich.
“Town and Country Village provided a unique opportunity to own the dominant center within the market,” Kathrein said. “The property provides what retail investors are seeking today from a grocery-anchored center, and we saw tremendous interest from a diverse pool of investors.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Donahue Schriber
Donahue Schriber is a private real estate investment trust (REIT) with a portfolio of high-quality shopping centers in the Western United States. The company has over 50 years of experience in all facets of the shopping center business with a current focus on necessity-based neighborhood, community and power center formats. The company has a skilled team of experts in the fields of development, acquisition, leasing, construction, asset management and marketing. Donahue Schriber owns and operates over 50 shopping centers located throughout California, Oregon and Washington.
About Phillips Edison & Company, Inc.
Phillips Edison & Company, Inc. (“PECO”), an internally managed REIT, is one of the nation’s largest owners and operators of grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically integrated operating platform and national footprint of well-occupied shopping centers. PECO’s centers feature a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. PECO’s top grocery anchors include Kroger, Publix, Ahold Delhaize, and Albertsons. As of September 30, 2021, PECO manages 289 shopping centers, including 267 wholly owned centers comprising 30.4 million square feet across 31 states, and 22 shopping centers owned in two institutional joint ventures. PECO is exclusively focused on creating great omni-channel grocery-anchored shopping experiences and improving communities, one shopping center at a time.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.