CBRE's Philip D. Voorhees and NRIG-West Team Complete Sale of No. California Neighborhood Center

Commonwealth Square, a 141,310-square-foot community shopping center in the city of Folsom, Calif., Sells for $19.4 million.
By: CBRE
 
FOLSOM, Calif. - Oct. 7, 2014 - PRLog -- CBRE Senior Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of Commonwealth Square, a 141,310-square-foot community shopping center in the city of Folsom, Calif., anchored by a Raley’s Fine Markets, along with a complementary mix of pad and shop tenants including Starbucks, Smash Burger, Heritage Community Credit Union and H&R Block. The sale price was $19.4 million. The property was approximately 85% occupied at the time of sale.

CBRE’s retail investment experts Voorhees, Megan Read, Matt Burson, Jimmy Slusher, Brad Rable, and John Read, represented the seller, a Los Angeles-based family partnership. The buyer, also represented by the NRIG-West team, was Phillips Edison-ARC Grocery Center REIT II, Inc. (Phillips Edison-ARC II), a Cincinnati, Ohio-based public non-traded real estate investment trust (REIT). CBRE leasing professionals Chris Campbell, Scott Carruth and Jason Read were the leasing agents on Commonwealth Square at the time of the sale.

“With this purchase, Phillips Edison-ARC II acquired one of the area’s dominant, grocery-anchored shopping centers in an affluent, infill trade area at a deep discount to its land-inclusive replacement cost. The lease up of currently vacant space provides immediate upside for Phillips Edison-ARC II,” said Voorhees.

Built in 1988, Commonwealth Square encompasses a 14-acre site along E. Bidwell Road, one of the trade area’s primary arterials. This four-sided property also features frontage on Orchard Drive, Riley Street and Wales Drive. The shopping center was encumbered by a CUNA Mutual Group life insurance company loan, maturing in June 2023, which the buyer assumed. “The low leverage, conservative investment strategy of Phillips Edison-ARC II made it an ideal candidate to assume the existing financing at Commonwealth,” Voorhees noted.

According to Voorhees, the CBRE team’s marketing system distributed more than 346 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated 11 offers to purchase the property. The purchase price exceeded CBRE’s pricing guidance to the ownership.

With this closing, CBRE's NRIG-West team has closed 97 transactions since the start of 2012 for a total consideration of $2.1 billion. In total, the NRIG-West team has listed and sold more than $8.0 billion in retail transactions. Select NRIG-West Team California listings include LA Spring Shopping Center in Moorpark, Calif., listed for sale for $10,400,000; Gateway Plaza in Santa Ana, Calif., listed for sale for $8,207,000; and Farmer Boys in Pomona, Calif., offered for sale for $2,644,000.

NRIG-West Team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The Team's ability to collaborate across CBRE's multi-discipline platform enhances the team's role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today's investment market. Long recognized as industry-leading investment experts, the NRIG-West Team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the Team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world.

About CBRE Group, Inc.
CBRE Group, Inc. , a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).  The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

Contact
Jacqueline Bayley, Media & Communications Manager
***@cbre.com
End
Source:CBRE
Email:***@cbre.com
Tags:CBRE Folsom Sacramento, Philip D. Voorhees, Retail Investment Brokerage, NRIG West Team, Commonwealth Square
Industry:Real Estate, Retail
Location:Folsom - California - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Page Updated Last on: Oct 08, 2014
Monaghan Communications PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share