TRACY, CA-This morning, GlobeSt.com reported that multiple phases of Tracy Pavilion Shopping Center here in the Central Valley of California have sold for an aggregate price of $31.97 million. The sale involved multiple selling entities.

Newport Beach, CA-based Lucescu Realty represented the interests of the sellers and procured the buyer, Excel Trust, and points out that this particular piece of real estate is “an institutional quality piece built by one of the premier real estate development companies in the western US.” For decades, he says, Kornwasser Shopping Center Properties, a private development firm, “has been building centers of the highest quality and this property is no exception.”

Lucescu further notes that. “Kornwasser did a great job assembling the land, lining these tenants up and built a great center.”

He explains that the buyer, Excel, “should do well with this acquisition as they continue their pursuit of high quality retail centers throughout the Central Valley.”

According to Lucescu in discussing the latest market trends, “We expect core and core plus offerings to continue to garner the greatest demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. Class B and C properties will continue to experience declining lease rates due to increasing vacancies and increasing competition from class A assets as tenants trade up to higher quality locations with similar lease rates.”

What are your thoughts on the Central Valley retail market? Let us know by commenting below.

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.