By Alex Ciorogar
Hall Equities Group has sold Laguna Village, a 120,893-square-foot community retail center in the North Laguna area of Sacramento, Calif. for $32.5 million.
Newmark Cornish & Carey (NCC) Senior Managing Directors Mike Zylstra and Forrest Gherlone represented the seller, while NCC Executive Vice President Tom Fehr, Senior Managing Director Anthony Pappageorge and Director Zachary LeBeouf represented the buyer, Laguna Village Investors LLC, a private investor from the Sacramento area.
Anchored by a 12-screen Regal Cinemas movie theater and a 24 Hour Fitness center, the property was 98 percent occupied at the time of the sale. Regal Cinemas is currently undergoing a $3 million upgrade to include stadium and lounge chair seating with upgraded food and beverage options. Other tenants include Subway, Papa Murphy’s and My Gym.
“Laguna Village is an excellent asset with a majority of its tenancy comprised of destination and entertainment retail including restaurants, fitness and a movie theatre which are more resilient to the on-line retail disruption. This tenant-mix, along with the center’s quality and stabilized occupancy, made it an attractive investment,” said Mike Zylstra, senior managing director at NCC, in prepared remarks.
Located at the intersection of 8755, 8785, 8759, 8765, and 8775 Center Parkway and Bruceville Road, the property— built in several phases between 1996 and 2003—spreads across a 15-acre site. Highway 99 is just one mile away.
Image courtesy of Newmark Cornish & Carey