206,000-SF Shopping Center Trades Hands

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ELK GROVE, CA-The 205,800-sf Laguna 99 Plaza shopping center here was sold recently for $18.6 million. The seller was Pan Pacific Retail Properties and the buyer was GD Development LLC. Elk Grove is a suburb of Sacramento. Completed in 1990, the grocery-anchored shopping center is located on the corner of Highway 99 and Elk Grove Boulevard. The center includes a Wal-Mart, which was not part of the transaction, as well as Pak ‘n Sav, Golden 1 Credit Union, Lyons Restaurant and others.GD Development is related to Douglas Sutherland, owner of Citadel Equities Group of San Diego. Citadel is currently planning a large office park and a shopping center with eateries and other services on a piece of the 130-acre Stone Point campus in Roseville. Sutherland was not available Tuesday for comment and neither was his broker in the transaction, Greg Dalton of CB Richard Ellis. Graham Bryan of Resource Commercial Real Estate in San Diego represented Pan Pacific in the transaction. He, too, was unavailable Tuesday for comment.