Sacramento, California — West Coast shopping center owner/operator Pacific Castle has acquired four Sacramento-area properties for approximately $40 million, signaling an ongoing trend to add to the company’s diversified portfolio.
“We have had a presence in Sacramento for the last decade and as the economy continues to recover, we could see ourselves invested in the region for years to come,” said Rod Astarabadi, president of Pacific Castle. “Augmenting our portfolio with the high-quality strategic Sacramento locations enables us to leverage our experience and economies of scale to upgrade the tenant mix, improve the occupancy and provide for long-term growth.”
Over the last few months, Pacific Castle acquired the following four California properties: Waterman Grove Plaza in Elk Grove; Willow Creek Town Center in Folsom; Zinfandel in Rancho Cordova; and Strawberry Creek in Sacramento. In addition to the recent acquisitions, Pacific Castle also owns the Rancho Cordova Town Center, a power center anchored by a Super Target, which gives the company ownership of more than 327,000 sq. ft. of retail space in the Sacramento region.
Waterman Grove Plaza is located at 9304-9332 Elk Grove Boulevard in Sacramento’s Elk Grove retail submarket. The 44,090-sq.-ft. neighborhood center features Panda Express, Subway, T-Mobile and Gamestop.
Situated at 1001-1011 E. Bidwell Street in Folsom, the Willow Creek Town Center is anchored by SaveMart and CVS, as well as several other regional and national tenants. Other key tenants include IHOP, Chipotle, Golden One Credit Union, Wingstop and Anytime Fitness.
The 39,737-sq.-ft. Zinfandel, located at 2817-2863 Zinfandel Drive in Rancho Cordova, will undergo a major renovation in order to reposition the property.
Strawberry Creek is another Super Target-anchored center located at 8211-8251 Bruceville Road in Sacramento; tenants include Panda Express, Subway, UFC Gym, Starbucks, Comcast and others.