LOS ANGELES-Karlin Real Estate has acquired a commercial office campus in Sacramento, a mixed use property in Oregon, a retail pad site in Las Vegas and a grocery-anchored retail center in Scottsdale, AZ, according to managing director Matthew Schwab of the Los Angeles-based company. Karlin bought the properties in four separate transactions.
The largest of the four deals was Capital Center, a 531,000-square-foot office campus in the Sacramento suburb of Rancho Cordova that Karlin acquired from DL Capital Center LP in a lender-facilitated sale. One of the largest suburban office parks in the Sacramento area, the 47-acre Capital Center is within Prospect Park, a master-planned business park in the Highway 50 Corridor, the largest submarket in the Sacramento metro area.
Capital Center is composed of six class A two-story office and four flex buildings ranging from 40,000 to 71,000 square feet. Built in 1984 and 1985, the center is 76% leased to 25 tenants including Wells Fargo, Travelers Insurance, Verizon Business Services, State of California and Federal Home Loan Bank.
In the Portland, OR suburb of West Linn, Karlin bought Willamette Marketplace, a 61,064 square-foot office/retail center, in an off-market transaction. The deal was originally contemplated as a note purchase, but Karlin subsequently acquired the property as REO after the foreclosure. Constructed in 2008, Willamette Marketplace consists of 36,632 square feet of retail and 24,972 square feet of office. The retail center is 44% leased. Tenants include Legacy Health Systems, Five Guys Burgers and Fries and McMenamins.
In Las Vegas, Karlin acquired the land leased to a 98,000-square-foot JCPenny store in an off-market transaction. JCPenny is one of four major retailers that anchor the 1.5 million square-foot Grand Canyon Parkway, a power center built in 2006.
In Scottsdale, Karlin closed on two adjacent retail centers totaling more than 277,000 square feet called Shea Scottsdale and Shea Scottsdale East shopping centers at the northeast corner of North Scottsdale Road and East Shea Boulevard. Together the centers comprise more than 277,000 square feet of anchor, in-line, pad and office space. The properties are anchored by Safeway, CVS Pharmacy, Harkins Theaters and have six leased pad sites to such tenants as Well Fargo, MidFirst Bank, Arby's and Comerica. Collectively, the retail centers are 85% leased. The seller was Herberger Enterprises, a closely held family corporation that has owned and operated the property for more than 30 years.
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