By Alex Ciorogar
Donahue Schriber Realty Group has sold Westlake Village, a 31,980-square-foot retail center in Sacramento, Calif., located at 3501-3511 Del Paso Road. The sale also included an additional 4-acre site prone to future development.
Hanley Investment Group Real Estate Advisors Executive Vice President Bill Asher, President Ed Hanley and Ten-X represented the seller, while Associate Eric Vu represented the buyer, a family trust from San Francisco’s East Bay which traded out of a northern California-based retail property to fulfill a 1031 exchange.
Situated in the North Natomas community, the one-story property was built in 2007. According to Property Shark, the Sacramento County assessor’s office most recently evaluated the property at approximately $5 million. The asset was 92-percent occupied at the time of the sale. Anchored by Walgreens, other tenants include Chase Bank, Allstate Insurance, AIM Mail Center, Creative Nails Spa, Donahue Schriber, Subway and Westlake Hair Studio.
“Westlake Village offered a unique opportunity to acquire a shopping center featuring a historical stable income stream with a value-add component to lease-up the remaining available space of the existing center,” said Asher in prepared remarks.
Golden State Highway and West Side Freeway are both easily accessible from the property. Natomas Pacific Pathways Prep School and Avanti Apartment Homes are also located nearby.
Image courtesy of Hanley Investment Group Real Estate Advisors