Newmark has announced the sale of Chico Mall, a 503,710-square-foot dominant regional mall located in the city of Chico, to buyer Ethan Conrad Properties. The center is anchored by Dicks’ Sporting Goods, JCPenney and Forever 21, as well as a former Sears box that is currently vacant. Situated on nearly 39 acres of prime real estate fronting Highway 99, Chico Mall occupies one of the biggest and most visible retail sites in Northern California.
Newmark Vice Chairman Nicholas Bicardo, Executive Managing Director Thomas Dobrowski and Managing Director Brandon Rogoff represented the seller in this transaction.
Chico Mall is prominently positioned off Highway 99 and E. 20th Street, in the epicenter of Chico’s retail corridor. The mall features more than 30 tenants and is walking distance to Chico’s largest and most anticipated master planned community Meriam Park. This 270-acre planned development epitomizes the Chico experience, mixing new urbanism with traditional neighborhood design. Chico Mall benefits from a strong 25-mile demographic that includes a 244,473 population and $67,331 average household income.
“Chico Mall was renovated in 2012, but still provides for a great deal of value-add potential. It is the most dominant regional center within a 70-mile radius. The existing vacancy and site control, coupled with the fact that this center is the preferred destination for retailers looking to expand in the region, made this a very compelling repositioning opportunity,” said Bicardo.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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