The Shops at Laguna Reserve, a 33,308-square-foot, fully leased shopping center in Elk Grove, California, has sold for $19.1 million.
The property encompasses four parcels totaling 4.16 acres. Six pad buildings were constructed in 2005, and the center is shadow anchored by a Safeway supermarket with a mix of national and local tenants filling the retail spaces.
The sale included the fee-simple interest in the six buildings and underlying land. Safeway was not part of the transaction.
Hanley Investment Group Real Estate Advisors represented the buyer, Bershon Realty Company LP of Los Angeles. The seller, a private investor based in Roseville, California, was represented by Gallelli Real Estate, also based in Roseville.
“Our client was seeking a high-quality retail asset with durable income and long-term upside, and this property checked every box,” said Bill Asher, executive vice president of Hanley Investment Group Real Estate Advisors. “We moved quickly to secure the opportunity, negotiating terms within two weeks of the property being listed for sale and facilitated a streamlined due diligence in less than 30 days and a 45-day escrow to meet the buyer’s exchange timeline.”
Photo: Gallelli Real Estate
