BAKERSFIELD, CA—Vallarta Supermarkets, one of the region's largest grocery chains catering to the Hispanic market, has purchased a neighborhood center in Bakersfield, Calif., for $14 million, where it will now become both the anchor tenant and the center's owner, according to Colliers International's Commercial Investment Services Group.
Known as The Grove and totaling 100,756 square feet, the center was a victim of the recession and left unfinished by its original and now-bankrupt developer. Tom Lagos and El Warner of Colliers International's downtown Los Angeles office were retained by the court-appointed bankruptcy receiver sell the property.
“This is another example of a growing trend among regional grocery chains owning the centers that they anchor,” said Lagos. “By doing so, they can control co-tenancy and reap profits down the road from owning the real estate.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
