September 24, 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 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.