SACRAMENTO, CA—Another day, another buyer from the Bay Area. This time, the purchase was Westlake Village, a 31,980-square-foot neighborhood shopping center anchored by Walgreens and Chase Bank in North Natomas. The sale also included 4.36 acres of developable land, according to Hanley Investment Group Real Estate Advisors. The price was not disclosed.
Hanley executive vice president Bill Asher and president Ed Hanley, in conjunction with Ten-X based in Irvine, CA, represented the seller, Donahue Schriber Realty Group. The buyer, a family trust from the East Bay, was represented by Hanley Investment Group associate Eric Vu.
“Shopping centers popular with investors are those containing daily needs, Internet-resistant or service-based retailers leased to national and regional credit tenants on long-term leases,” Asher tells GlobeSt.com. “Westlake Village was appealing to investors because it had these types of tenants–drug store, bank, food, and nail and hair salons. It was also attractive due to the ability to develop an additional 4.36 acres in the future in a trade area where residential growth is scheduled to continue to expand in the near term.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
