Pacific Castle acquires four retail properties for $40 million
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.
The Outlet Mall of Georgia at Augusta to break ground in December
Augusta, Georgia — Ben Carter Enterprises will break ground in December on the Outlet Mall of Georgia at Augusta, an 800,000-sq.-ft. fashion outlet mall slated to open in spring 2016.
Ben Carter’s announcement comes on the heels of a key land agreement reached with the owners of the Georgia Theatre Co., who agreed to reposition their theatre to accommodate the mall.
The Outlet Mall of Georgia at Augusta will feature top-tier retailers, restaurants, hotels and other retail uses. Ben Carter has contracted to acquire 70 acres at I-20 and Riverwatch Parkway for the development, which when combined with the existing Costco and Cabela’s locations and the Riverwatch Cinemas, will top 1 million sq. ft.
“We are attracted to Augusta and the regional trade area because it’s home to nearly 2 million people, and its location has the ability to
draw visitors and shoppers from Columbia, South Carolina, to the east,and Greene County, Lake Oconee and The Ritz-Carlton Lodge, ReynoldsPlantation to the west,” said Ben Carter, founder of Ben CarterEnterprises. “The area is home to scores of single-family homes alongthe lake and golf courses and equestrian-related developments.”
Ben Carter entered into a real estate transaction with the GeorgiaTheatre Co. that will result in Georgia Theatre building its newGTX at a different location within the Outlet Mall property. The landdeal frees up a complete site where Ben Carter can build the fashionoutlet mall.
The new theater will feature digital projection with stereo sound,spacious seating and a full-service restaurant. It will also offer alarge-format presentation auditorium with an 80-ft.-wide, four-storyscreen, seating about 300 people. The theatre will break ground latethis year and open in advance of the mall in the fall of 2015.
Ben Carter Enterprises currently is pre-leasing retail spaces andmarketing land for sale for additional development and expects to closeon tracts by December of this year.
Hilltown Crossings to undergo major redevelopment, Burlington to open
Plymouth Meeting, Pennsylvania — Wolfson Group will launch a redevelopment of Hilltown Crossings, a community shopping center with a gross leasable area of 354,458 sq. ft., located on Route 309 at Orvilla Road in Hatfield, Pennsylvania.
The company is investing $6 million to upgrade the entire shopping center with new storefront facades, additional signage, and other improvements to enhance visibility. In fall 2014, a new Burlington Coat Factory will open, creating 50 new jobs.
Originally constructed in 1995, Hilltown Crossings was the first Delaware Valley project completed by Wolfson Group, a commercial real estate development and management company specializing in shopping centers. Once anchored by a supermarket and a Walmart of 125,000 sq. ft., the early tenants at Hilltown Crossings provided local residents with convenient access to neighborhood shopping and dining.
In 2012, Walmart made a multi-million dollar investment in its Hilltown Crossings store, expanding the store to a 220,000-sq.-ft. Walmart Supercenter; the new Burlington Coat Factory will occupy the original supermarket site.
Other tenants in the shopping center currently include Dollar Tree, Sovereign Bank, PLCB Wine & Spirits, Verizon Wireless, Frankford Cleaners, Hair Cuttery, Osaka Japanese restaurant, McDonald’s, and Renzo Gracie. An additional 40,000 sq. ft. of re-tenanting with national and local tenants will be completed in fall 2014 and spring 2015.
“As our portfolio of commercial properties expands throughout the greater Philadelphia region, we remain equally committed to the success of our earlier shopping centers,” said Steven B. Wolfson, chairman and CEO, Wolfson Group.