FOLSOM, CA—Although US retail has taken somewhat of a nosedive, retail in secondary markets continues to have investor appeal. Another center outside the Bay Area is a case in point.
Nazareth Enterprises Inc. recently acquired the Walmart Central Shopping Center with 139,377 square feet of retail situated on 12.1 acres for $39.7 million. Located at 1002-1016 Riley St., the shopping center is anchored by a 24-Hour Fitness SuperSport Gym, the 99 Cent Store, Western Dental and shadow anchored by a Super Walmart.
“We targeted this both for its current income stream and its growth potential as Folsom is a fast-growing city with a substantial median income,” said Mounir Kardosh, CEO/president of Nazareth Enterprises, Inc. “The center's tenant mix supports the needs of its affluent neighbors and we are confident that we will fill the few vacancies with likewise upscale tenants. Nazareth is particularly proud of the opportunity to help foster and contribute to the growth of small businesses through making space available to them, based upon their needs.”
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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.
