Country Club Plaza Faces Expansion Project

SACRAMENTO, CA-Arizona Partners, a real estate investment group that specializes in the acquisition, development and management of retail shopping centers, is planning a major renovation of Sacramento’s Country Club Plaza that will add square footage and modernize the vintage center.

Built in the 1960s, Country Club Plaza, located at the intersection of Watt Avenue and El Camino Real, is anchored by Macy’s and Gottschalk’s department stores. The center contains 339,000-sf of space, excluding Macy’s, and will expand to 441,000-sf on completion in the fall of 2003. The new retail space is 35% pre-leased, with all anchor spaces fully leased to Bed, Bath and Beyond, Van’s Skate Park, Off Broadway Shoes and Ross Dress for Less.

According to Buchanan Street Partners, a West Coast-based real estate investment bank that provides capital for owners and developers, it has arranged equity and construction financing totaling approximately $42 million for the center’s redevelopment project.