TRACY, CA-Multiple phases of Tracy Pavilion Shopping Center here in the Central Valley of California have sold for an aggregate price of $31.97 million. The sale involved multiple selling entities.
Tracy Pavilion Shopping Center was developed by affiliates of Kornwasser Shopping Center Properties, a private development firm, headquartered in Los Angeles.
Newport Beach, CA-based Lucescu Realty represented the interests of the sellers and procured the buyer, Excel Trust, a publicly-traded real estate investment trust, located in San Diego.
This is Excel’s second acquisition in the Central Valley. During 2010 the company acquired Park West Place in Stockton, CA, for $92.5 million.
Tracy Pavilion Shopping Center is a 404,721-square-foot Community Shopping Center, anchored by Home Depot, WinCo, Marshalls, Ross Dress for Less, PetsMart and Staples. The Home Depot and WinCo, which totaled 139,368 square feet and approximately 95,000 square feet respectively, were both tenant-owned and not a part of the sale. Marshalls, Ross, PetsMart and Staples occupy approximately 60% of the aggregate gross leasable area that was conveyed. The blue-chip tenant roster also included Ulta, Anna’s Linens, Chase Bank, Rubio’s, Panda Express, Starbucks, Supercuts, UPS and Subway.
Located at the northwest corner of Naglee Road and Grant Line Road at Interstate 205, Tracy Pavilion Shopping Center is situated directly across the street from West Valley Mall, anchored by Target, Macy’s, Sears, JC Penney, Cinemark and Barnes & Noble and Tracy Marketplace, anchored by Walmart, Costco, Bed Bath & Beyond, Michaels and Petco. The center was built in 2002, and is adjacent to the on / off ramps to Interstate 205. The average household income within a one-mile radius is $102,223.
Check back later today for more from Mark Lucescu, president of Lucescu Realty on this sale and on his future expectations for core and core plus offerings.