Quail Pointe was 94 % leased on the time of sale. Picture courtesy of JLL
Phillips Edison & Co. has bought Quail Pointe, a 98,314-square-foot grocery-anchored retail heart within the Sacramento suburb of Honest Oaks, Calif., for $44.3 million. JLL represented the vendor, Madison/Dawn Associates, a subsidiary of The Voit Co. That is the primary time the property has modified arms in 36 years.
Accomplished in 1987, the property was 94 % leased on the time of sale. Dealer Joe’s, the anchor tenant, has been occupying the area for greater than 30 years and has not too long ago signed an early 5-year extension bringing its remaining lease time period to 9 years. The tenant roster consists of numerous retailers equivalent to Calico, Willo and Starbucks, in keeping with CommercialEdge knowledge. The common tenancy size on the property is 20 years.
Situated at 5329 Dawn Blvd., Quail Pointe is about 1 mile north of central Honest Oaks and a few 19 miles from Sacramento, Calif. The middle serves a inhabitants of greater than 131,000 folks inside a 3-mile radius with a mean family revenue of $112,015, in keeping with JLL.
Sacramento retail market holds regular
JLL Managing Director Eric Kathrein and Director Warren McClean, together with Analyst Andrew Spangenberg, led the Retail Capital Markets group that organized the deal. The identical brokers have been not too long ago concerned within the $29 million sale of one other retail heart in California.
In 2023’s third quarter the entire emptiness price for retail property within the Sacramento market clocked in at 5.5 %, in keeping with a latest CBRE report. In the meantime, the common asking price on a month-to-month triple-net foundation registered a slight lower from the second quarter’s $1.66 per sq. foot to $1.64.
