WEST SACRAMENTO, CA—The Buzz Oates Group has completed the sale of the Riverpoint Marketplace shopping center in West Sacramento to Excel Trust of San Diego, CA.

Riverpoint Marketplace is a 900,000 square-foot mixed-use regional power center development anchored by IKEA, Walmart Supercenter, and The Home Depot. The project, located at the south east quadrant of Reed Avenue and Interstate 80, is the fourth largest retail development in the Sacramento region after the Roseville Galleria, Arden Fair and Sunrise Regional Malls.  Excel Trust purchased 12 buildings totaling approximately 134,000 square feet, of the development, not owned by the anchor tenants.  Tenants in the buildings purchased by Excel include Ross Dress for Less, Americas Tire, Petco, Sketchers, IHOP, Golden 1 Credit Union, Sprint, Five Guys, Chipotle, Styles for Less, GNC, Rue 21, Radio Shack, Payless ShoeSource, Gamestop, Wicked West Pizza, Sally Beauty, Barebones Workwear, Beach Hut Deli, Sport Clips, Hot Nails, Wing Stop, Burger King, T Mobile, Batteries + Bulbs, Eureka Dental, Smog' N Go, Sleep Train, and La-Z-Boy. Also as part of the transaction, Community Business Bank exercised an option to purchase their 7,020 SF Headquarters/Branch facility located at 725 Riverpoint Court. Financial terms of the transaction were not disclosed.

“We are very proud of our entire organizations' execution of a complicated project during a very challenging economic environment 2008-2011,” said Kevin Ramos, the chief investment officer of The Buzz Oates Group of Companies (BOGC). “Our partnership took a significant risk, during a difficult economic period to say the least, and successfully delivered a project that will benefit our community for many years.”

The Riverpoint Marketplace property was acquired in 1999 and subsequently developed by BOGC and west Sacramento-based Ramco Enterprises.  IKEA purchased its site and constructed a store in 2005 and 2006. Walmart and The Home Depot opened stores in 2008. 

The site had a history of proposed projects over the last 30 years, all of which failed to materialize. These included an auto mall, office/tech park, discount mall, furniture mall and a tribal casino.

Ramos said the City of West Sacramento will benefit greatly from the project and he complimented the city staff for its work with the development team to bring the project together.  Kathleen O'Leary the former city redevelopment agency project manager, also played a major role, he added. The overall project generated an estimated $20 million in development fees, $1.25 million per year in property tax increment, and $2.0 million plus in annual sales tax revenue to the city.

BOGC/Ramco has retained ownership of two fully-improved but undeveloped retail pads located along the Interstate 80 frontage of the site and the 105,000 square foot Riverpoint Corporate Center office building that is 92% leased.

Jon Gianulias, John Dubois, and Mark Denholm of CORE Commercial in Sacramento represented the seller in the transaction.  David White of CBRE is the leasing broker for the property.