Phillips Edison & Co. (PECO) has expanded its Northern California footprint with the acquisition of Del Paso Marketplace, a 59,796-square-foot shopping center in Sacramento, Calif. The property marks the company’s fifth retail center in greater Sacramento.
The retail center is anchored by a 29,296-square-foot Sprouts Farmers Market and features a mix of local and national tenants, including T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s Subs.
Del Paso Marketplace is situated at the intersection of Del Paso Road and East Commerce Way, in Sacramento’s North Natomas neighborhood. The area is densely populated; there are more than 9,600 rental units within a 3-mile radius and the average income is about $90,000.
Substantial job and population growth provided the opportunity for further growth in the area, according to David Wik, senior vice president of acquisitions at PECO. The new Sacramento facility fits the company’s acquisition strategy. In the past year, the company targeted other high population and business growth areas such as Naperville, Ill., and the suburbs of Washington, D.C.