SRS Real Estate Partners completed the $17 million sale of a 105,297-square-foot grocery-anchored center in Stockton, CA. The private buyer was GIGU, Inc. while the seller was PPC-Stockton Plaza, L.P.
Anchored by Food Source (Raley’s), the Central Valley retail asset is 97% occupied with tenants that include AutoZone, BBVA Compass Bank, Great Clips, McDonalds and Little Caesars. The center is located at 2323 W. Hammer Ln., across from Stockton Medical Plaza.
Redfield says, “The buyer was interested in Stockton Plaza based on the long-standing historical occupancy of Raley’s, which recently re-branded to Food Source, along with the shop tenants that have occupied the center since the original development. This, combined with strong cash on cash returns due to low interest rates, drew the exchange buyer, who sold a hospitality site, to invest in this grocery-anchored center.”