Brixton Capital Buys Central Valley Shopping Center
The property was 42 percent leased at the time of sale.
Pacific Town Center came online in 1967. Image courtesy of Brixton Capital
Brixton Capital has purchased Pacific Town Center, a 143,217-square-foot retail center in Stockton, Calif. Hanley Investment Group arranged the off-market transaction on behalf of the seller, identified by CommercialEdge as CORE Commercial.
Completed in 1967, Pacific Town Center encompasses two buildings on a 10-acre site. Anchored by Michael’s, Smart & Final Extra, Mancini’s and Pier 1 Imports, the property was 42 percent leased at the time of sale.
Its tenant roster also includes Smart & Final, Aaron’s, Sketchers, Round Table Pizza, Panda Express, Subway and other neighborhood-serving retailers and restaurants. The new owner plans to re-tenant the spaces previously occupied by Toys ‘R’ Us and T.J. Maxx, by bringing new retail offerings.
Pacific Town Center occupies more than 10 acres at 718-760 W. Hammer Lane, in an Opportunity Zone of the Central Valley market. The property is near Interstate 5, which provides direct access to downtown Sacramento, Calif. According to Colliers, the shopping center serves approximately 164,446 residents within a 3-mile radius, with the average household income of $60,166.
Hanley Investment Group has recently brokered the $15.8 million sale of an 80,877-square-foot shopping center in Fresno, Calif. The firm worked on behalf of the seller, JL Management.
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