“Following through on its expansion plans, Nazareth has experienced substantial growth, both geographically and in asset class over the past 18 months, with acquisitions in the multifamily, industrial, medical properties and now retail,” added Matar. “As a local, private company with a depth of market knowledge and uncanny instincts, Nazareth Enterprises continues to build for the future while maintaining the integrity of the brand.”

According to Cushman & Wakefield's second quarter Sacramento retail report, grocery stores as well as fitness and food-related tenants will continue to seek space, resulting in steadily declining vacancy rates in neighborhood/community centers. Despite fluctuations in average asking rents during the second half of 2017, rates will continue to grow modestly into 2018 as declining vacancy stays ahead of new deliveries.

“Nazareth is excited about breathing new life into the Walmart Central shopping center,” Kardosh tells GlobeSt.com. “The center's numbers worked, but with imminent lease renewals, updates to certain businesses and the influx of prospective tenants like Big O Tires and Dutch Bros. coffee, the center's long-term financial prospects are bright and the tenant life-cycle is rejuvenating.”

FOLSOM, CA—Although US retail has taken somewhat of a nosedive, retail in secondary markets continues to have investor appeal. Another center outside the Bay Area is a case in point.

Nazareth Enterprises Inc. recently acquired the Walmart Central Shopping Center with 139,377 square feet of retail situated on 12.1 acres for $39.7 million. Located at 1002-1016 Riley St., the shopping center is anchored by a 24-Hour Fitness SuperSport Gym, the 99 Cent Store, Western Dental and shadow anchored by a Super Walmart.

“We targeted this both for its current income stream and its growth potential as Folsom is a fast-growing city with a substantial median income,” said Mounir Kardosh, CEO/president of Nazareth Enterprises, Inc. “The center's tenant mix supports the needs of its affluent neighbors and we are confident that we will fill the few vacancies with likewise upscale tenants. Nazareth is particularly proud of the opportunity to help foster and contribute to the growth of small businesses through making space available to them, based upon their needs.”

Nazareth Enterprises was represented by Abe Matar with Landmark Real Estate Services. Financing was arranged by BluePoint Commercial Mortgage and provided by Natixis New York branch.

“Following through on its expansion plans, Nazareth has experienced substantial growth, both geographically and in asset class over the past 18 months, with acquisitions in the multifamily, industrial, medical properties and now retail,” added Matar. “As a local, private company with a depth of market knowledge and uncanny instincts, Nazareth Enterprises continues to build for the future while maintaining the integrity of the brand.”

According to Cushman & Wakefield's second quarter Sacramento retail report, grocery stores as well as fitness and food-related tenants will continue to seek space, resulting in steadily declining vacancy rates in neighborhood/community centers. Despite fluctuations in average asking rents during the second half of 2017, rates will continue to grow modestly into 2018 as declining vacancy stays ahead of new deliveries.

“Nazareth is excited about breathing new life into the Walmart Central shopping center,” Kardosh tells GlobeSt.com. “The center's numbers worked, but with imminent lease renewals, updates to certain businesses and the influx of prospective tenants like Big O Tires and Dutch Bros. coffee, the center's long-term financial prospects are bright and the tenant life-cycle is rejuvenating.”