TRACY, CA-This morning, GlobeSt.com reported that 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.
Newport Beach, CA-based Lucescu Realty represented the interests of the sellers and procured the buyer, Excel Trust, and points out that this particular piece of real estate is “an institutional quality piece built by one of the premier real estate development companies in the western US.” For decades, he says, Kornwasser Shopping Center Properties, a private development firm, “has been building centers of the highest quality and this property is no exception.”
Lucescu further notes that. “Kornwasser did a great job assembling the land, lining these tenants up and built a great center.”
He explains that the buyer, Excel, “should do well with this acquisition as they continue their pursuit of high quality retail centers throughout the Central Valley.”
According to Lucescu in discussing the latest market trends, “We expect core and core plus offerings to continue to garner the greatest demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. Class B and C properties will continue to experience declining lease rates due to increasing vacancies and increasing competition from class A assets as tenants trade up to higher quality locations with similar lease rates.”
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