By Meghan Hall
A shopping center in the Sacramento suburb of Rocklin, Calif., has sold to an investment firm with an eye for value-add and underutilized properties. According to Colliers, Rocklin West was sold by San Francisco-based Soma Capital Partners in April for about $26.5 million. The buyer was Smithway Associates.
Colliers Institutional Capital Markets team represented Smithway in the deal, which formally closed on April 20th. The property, located at 6815-6851 Lonetree Blvd., totals 92,978 square feet and was 92 percent leased at the time of the sale. The asset is anchored by Planet Fitness and includes a largely “e-commerce resistant” tenant base, according to Colliers.
“Rocklin West is a fully renovated neighborhood retail center located at the hard-corner intersection of Blue Oaks Boulevard and Lonetree Boulevard in Rocklin, California,” the property’s landing page states. “Anchored by Planet Fitness, Rocklin West is home to a synergistic blend of e-commerce-resistant national and regional tenants offering wellness, entertainment and creative food options to the local community.”
Other tenants include Applebee’s Icing on the Cupcake, and Chef’s Table, according to the website. Smithway Associates originally acquired the property five years ago in 2017 and has since added new paint, awnings, roofs, lighting and landscaping.
The property also features favorable demographics with a surrounding daytime population of 97,000 and an average household income of $108,000 within a three-mile radius of the asset. Lonetree Boulevard and Blue Oaks see about 70,000 cars per day, giving the center “excellent visibility.”
Soma Capital partners has acquired 2.5 million square feet of commercial real estate since 2012 and has closed about $3 billion worth of transactions. The firm focuses specifically on West Coast markets, buying properties on behalf of institutional partners in the United States and Canada.
The company’s strategy focuses on the acquisition of underutilized properties and force appreciation through market repositioning. Its portfolio encompasses a mix of office, industrial, multifamily, self-storage and retail. It also owns the Ashlan Park Center in Fresno, Calif., 925 L Street in Sacramento, and 2120 University Ave. in Berkeley.