Newmark Capital Markets has announced the sale of Elk Grove Commons located at 9624 Bruceville Road. Currently 100 percent occupied and comprising 241,926 square feet of space, Elk Grove Commons is a dominant retail center in the Sacramento region anchored by a high-performing Trader Joe’s, Home Goods, and Kohl’s.
Newmark Capital Markets Vice Chairman Nicholas Bicardo and Managing Director Brandon Rogoff represented the seller Donahue Schriber in the transaction to the buyer Acadia Realty Trust. According to Newmark Capital Markets, Elk Grove Commons was the largest single asset retail transaction in the past three years in the Sacramento area.
“Elk Grove Commons is positioned on one of the most dynamic intersections in a sub market that has excellent fundamentals in regards to retail vacancy, residential and employment growth. Given the stability of the asset, coupled with where the capital markets are pricing today, this opportunity presented levered cash on cash returns that are hard to find on the West Coast for this quality of retail,” said Bicardo.
Rogoff added, “There were multiple bids on the property, highlighting that investors are still willing to make large retail investments in the Sacramento market as long as the asset is well-located with high-performing tenants as is the case with Elk Grove Commons.”
Elk Grove Commons serves an affluent and dense trade area with average household incomes of approximately $100,000 and a population of more than 160,000. Strategically located on the hard corner of Elk Grove Boulevard and Bruceville Road, Elk Grove Commons benefits from excellent curb appeal and visibility to more than 71,000 cars passing by daily. Approximately 83 percent of the tenants have been operating at the Property since it was developed in 2004, including all of the anchors and junior anchors. Kohl’s at Elk Grove Commons is one of the top performing locations in the region.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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