Stockton, CA (September 5, 2019) – SRS Real Estate Partners’ Investment Properties Group has completed the $17 million sale of a 105,297-square-foot grocery-anchored center located at 2323 W. Hammer Lane in the city of Stockton. Anchored by Food Source (Raley’s), Stockton Plaza is 97 percent occupied with tenants that include AutoZone, BBVA Compass Bank, Great Clips, McDonalds and Little Caesars.
SRS’ National Investment Properties Group Senior Vice President Chris Tramontano, Vice President John Redfield and Associate Steve Kalyk represented the seller, PPC-Stockton Plaza, L.P. a private seller, to the buyer GIGU, Inc. a private buyer.
“The buyer was interested in Stockton Plaza based on the long-standing historical occupany 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,” said Redfield.
Stockton Plaza benefits from excellent visibility and access fronting 35,600 combined vehicles per day. The center is located across from Stockton Medical Plaza, which promotes crossover foot traffic between the two plazas. The five-mile trade area is supported by a dense population of more than 241,000 residents with an average household income of $77,900.
Underscoring the strength of the Stockton market, at the end of 2018, SRS’ National Investment Properties Group handled the $18.575 million sale of College Square, a 126,098-square-foot retail center anchored by Hobby Lobby and Planet Fitness. The center is located at 1209 W March Ln. in Stockton.
“Stockton is a sought-after market for investors seeking to obtain strong yields. Both Stockton Plaza and College Square were ideally positioned centers to support the local communities and demographics,” added Redfield.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.