By Kate Snyder
Several shopping centers have been listed on the market in Sacramento in the past six months. One recent transaction shows retail investors’ continued interest in the area.
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, according to public property records. 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. The approximately 122,358 square foot shopping center is 100 percent leased, according to marketing information from Gallelli Real Estate. Tenants include Raley’s, Kohl’s, California Backyard, Marshalls, Lane Bryant, Dress Barn, Kids Care Dental and Leslie’s Pool Supply. The property is near both Interstate 5 and Interstate 80.
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, according to property information.
First Washington Realty was founded in 1983 and specializes in the ownership of “convenience, necessity, and experience-oriented retail real estate,” according to the firm’s website. The company owns more than 150 shopping centers with a value of over $9.5 billion located in 22 states and the District of Columbia. Its shopping center real estate portfolio contains more than 23 million square feet with approximately 4,100 tenants.
TRC owns shopping centers throughout California, and according to its website is focused on acquiring and developing retail shopping centers in west coast markets, in both individual asset purchases as well as portfolio acquisitions.
In October 2022, Boston-based TA Associates placed on the market for sale the 140,600 square-foot Arden Watt Marketplace in Sacramento located at several addresses along Arden Way, according to previous reporting by The Registry. No guidance pricing was provided.
Also in October, Starboard Realty placed up for sale its 79,663 square foot community shopping center Florin Towne Centre in Sacramento, which is located at 6001-6081 Florin Road. The asking price for the property is $23.4 million, or roughly $294 per square foot.