By Jeff Hamann
Donahue Schriber Realty Group has sold Colony Plaza, a 73,199-square-foot shopping center in Ripon, Calif., for $5.6 million. The buyer, NetCo Investments, financed its acquisition with a $3.1 million mortgage with a variable interest rate held by Five Star Bank, according to public records. An HFF team led by Gleb Lvovich, Bryan Ley and Eric Kathrein represented the seller in the deal.
Colony Plaza is situated on 10.4 acres of land at 1140, 1220, 1222 and 1290 W. Colony Road, 1452 Goodwin Drive and 450 Brady Lane. Located next to the Golden State Highway, the property is west of a large single-family residential district on the north side of Ripon. The shopping center is next to a bus stop operated by the San Joaquin Regional Transit District, enabling access to the city of Stockton, 20 miles to the north. The 92 percent-leased property is anchored by a Save Mart grocery store, with a range of other tenants including H&R Block, Supercuts, Country Skillets and Pro Nails. Two pads for future retail buildings are located on-site, which would add an estimated 8,000 square feet to the development.
“The sale of Colony Plaza represents continued investor interest in grocery-anchored retail, even in secondary and tertiary markets,” Lvovich said in a prepared statement. “The potential vacant space lease up, pad development and projected growth in the trade area contributed to our team driving strong pricing through the sale process.”
Last year, West Hammer Properties sold a multi-tenant retail property in nearby Stockton for $7.1 million through a 1031 exchange.
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