NADG, which acquired Rock Creek on behalf of a shopping center investment fund, bought the regional shopping center from a private trust in a transaction that was brokered by Fouy Ly of Sperry Van Ness, who represented both NADG and the seller.
Preston says that NADG was able to acquire the property because it was capable of paying all cash and closing escrow in a short time. "We are committed to growing our California operation and are actively looking to acquire retail properties and ground up development projects throughout the state," Preston says.
Rock Creek was extensively remodeled in 2008 and is located at the southeast corner of the heavily traveled Highway 49 and Bell Road in the Auburn area's primary retail shopping node. The center is 100% leased and anchored by K-Mart, Best Buy, Petco, RiteAid and BevMo. Additionally, the area is home to several other top retailers including Target, Home Depot, Ross Dress For Less and Safeway.
North American Development Group is acquiring both large format and neighborhood community retail centers and development sites throughout select US markets. In the US it has offices located in Palm Beach Gardens, Nashville, Dallas, Denver, Scottsdale (Phoenix) and Newport Beach, CA. In Canada, offices are located in Toronto, Edmonton, Montreal and Halifax.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.