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118,245-SF Retail Center Fetches $36M

ANTIOCH, CA-The Slatten Valley Ranch Shopping Center sells to a private investment partnership looking to satisfy a 1031 exchange from a multifamily apartment building located in Fremont.

By Brian K. Miller | Updated on October 04, 2004

ANTIOCH, CA-The Slatten Ranch Shopping Center here has changed hands for $36 million. A 118,245-sf development located near the junction of the Hwy. 4 Bypass and Lone Tree Way, Slatten Ranch is 100% leased to 38 retail and restaurant operations including Target, Mervyns, Cost Plus, Pier 1, Barnes & Noble Books, Mimi’s Cafe and Chili’s Bar and Grill. The seller, a partnership that included West Valley Properties bought the property in December from Center at Slatten Ranch LLC. The buyer is a private partnership of apartment investors that was looking to satisfy a 1031 exchange from a multifamily apartment building located in Fremont.A Colliers International retail investment team of Kevin Van Voorhis, Andy Zighelboim, and Scott Kinsey represented West Valley Properties in the transaction. Ryan Nickelson and Jim McMasters, also of Colliers represented the buyer. None of the parties involved in the transaction would comment on the buyer’s capitalization rate. Other sources familiar with the transaction say the cap rate was in the 7% range. Colliers International will continue to manage the center. “Prime retail shopping centers…continue to be highly sought after by the public and private investment community,” says Van Voorhis, a senior vice president at Colliers in Walnut Creek. “With the low interest rate environment, investors can obtain long term fixed-rate financing and secure attractive returns on their investments.”

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