Natomas retail property sold for $10.3 million

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Sacramento Business Journal

When a retail property in North Natomas came up for sale, brokerage Hanley Investment Group didn’t have to look far for potential buyers.

Earlier this year, Hanley handled the sale of a very similar Natomas retail property — even developed by the same company — so the brokerage firm already had a pool of likely interested buyers for the new listing.

A buyer from the North Bay Area was one of them, and closed escrow last month on Natomas Shopping Center for $10.3 million.

Kevin Fryman, one of two Hanley Investment brokers on the deal, said the buyer got a stable property. Anchor stores CVS Pharmacy, Dollar Tree and Ace Hardware are all on long-term leases, some of them only recently renewed. Some of the smaller businesses in the 50,168-square-foot center have been there since it was built in 2007, Fryman said.

Property records list the new owner as Natomas Park Plaza LLC, with an address in Kensington. The property is at 2000-2050 Club Center Drive in Sacramento and was fully occupied at the time of sale.

Fryman said the previous owner, Bakersfield-based Natomas Retail Center LLC, also developed part of a pad in the center and put in Growing Brilliant, a preschool. The new owner has the option to develop the pad further, he said, but there are no definite plans to do so.

The property’s new owner bought it in an exchange deal off market, according to Hanley Investment, which is based in Corona del Mar. Executive vice presidents Fryman and Bill Asher of Hanley Investment represented the seller in the deal, while the buyer was self-represented.