By Kate Snyder
Sacramento has seen another retail property trade hands with the recent sale of Arden Watt Marketplace. The 140,600 square foot building was purchased for $26.5 million, or approximately $188 per square foot, according to a report by the Sacramento Business Journal. The seller was Boston-based TA Associates, which listed the asset on the market last year, and the buyer was San Rafael-based SyWest Development.
The property was originally developed in 1999 and was recently renovated in 2022. The lot, which has several addresses – 3302, 3308, 3320, 3338, 3350, 3400 and 3412 Arden Way – sits on a nearly 14-acre parcel and sits at the intersection of Arden Way and Watt Avenue.
Some of the main tenants in the property include Safeway, which takes up nearly 40 percent of the property with a lease that expires in 2028, CVS Pharmacy, which occupies roughly 18 percent of the space and has a lease that runs through August of 2024, Dollar Tree and McDonald’s.
TA Associates, a real estate investment firm, initially purchased the property in 2018 for $25 million, or about $177 per square foot, according to public records. The seller brought in two new tenants to the property during the course of its ownership of the shopping center, according to previous reporting by The Registry. One of the newer tenants is California Family Fitness, which occupies roughly 30 percent of the total space in the property, or 41,287 square feet. This tenant has a lease that runs until the end of August 2033.
Earlier this year, another one of Sacramento’s retail properties was purchased.
The Park Place shopping center was purchased for $53 million, or about $433 per square foot, by an entity affiliated with TRC Retail, a retail real estate operating company headquartered in Newport Beach. The seller was an entity affiliated with First Washington Realty, a national real estate investment and management firm based in Bethesda, Md.
Park Place is located at the intersection of Natomas Boulevard and Del Paso Road. Addresses that were part of the sale include 4650 Natomas Blvd., 4600 Natomas Blvd., 4670 Natomas Blvd., 2260 Del Paso Road., 4640 Natomas Blvd. and 2221 Del Paso Road. The approximately 122,358 square foot shopping center is 100 percent leased, and tenants include Raley’s, Kohl’s, California Backyard, Marshalls, Lane Bryant, Dress Barn, Kids Care Dental and Leslie’s Pool Supply.