Story by costar.com
Garaventa Enterprises Sells Center With Leasing Upside Potential
A partnership led by Sacramento-based Ethan Conrad Properties recently acquired American River Plaza shopping center at the intersection of Greenback Lane and Madison Ave. in Folsom, CA, from Garaventa Enterprises for $11.22 million, or about $98 per square foot. The 114,220-square-foot retail center is anchored by Big Lots and Ace Hardware.
The Wald/Kathrein Team of Cushman & Wakefield, a retail investment team based in San Francisco composed of Dan Wald, Eric Kathrein and Justin Sharp, marketed the property on behalf of the seller. The buyer was self-represented. The brokers offered the center as a value-add opportunity with the opportunity to replace the below-market ground rent from a long-term leasehold under a 41,384 square foot former Albertson’s supermarket.
“When re-leased by its master tenant, this former anchor space, currently 50 percent occupied by Big Lots, should generate significant new tenant and customer interest for the balance of the property,” said Wald.
According to the brokers, the sellers received 12 offers for the property. Please see CoStar COMPS #3437798 for more information on this transaction.