Hanley Investment Group Sells New Multi-Tenant Retail Pad at Anatolia Marketplace in Sacramento Metro for $4.8 Million

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Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm arranged the sale of a new construction, multi-tenant net-leased retail pad, Shops III at the new Anatolia Marketplace shopping center in Rancho Cordova, California, an affluent suburb in the Sacramento metro area. The sale price was $4.8 million.

Hanley Investment Group’s Executive Vice Presidents Bill Asher and Jeff Lefko represented the seller Anatolia Marketplace, LLC, based in Sacramento. The buyer, a local private 1031 exchange investor, was represented by Craig Lewis of Lewis Capital Advisors in Modesto, California.

“We secured a local 1031 exchange buyer from Sacramento for a new construction, four-tenant retail pad with a drive-thru end cap, which was still under construction when escrow was opened,” said Asher. “We negotiated a longer escrow and closed shortly after all four tenants commenced paying rent.”

The 5,900-square-foot Shops III at Anatolia Marketplace pad building sits on a 1.278-acre parcel at 4041 Sunrise Boulevard. It is strategically located near the signalized intersection of Sunrise Boulevard and Douglas Road (44,000 cars per day) and the signalized intersection of Sunrise Boulevard and Herodian Drive. Sunrise Boulevard serves as the main thoroughfare connecting both U.S. Route 50 (El Dorado Freeway) and California State Route 16 (Jackson Road).

Shops III at Anatolia Marketplace contains four tenants: Popeyes Louisiana Kitchen (with a drive-thru), Cold Stone Creamery, Jamba and Capriotti’s Sandwich Shop. Asher notes all four tenants have new, long-term leases.

Popeyes Louisiana Kitchen, Inc., founded in 1972 in New Orleans, Louisiana, is an American multinational chain of fried chicken restaurants with over 4,000 restaurants in the U.S. and around the world. It is currently a subsidiary of Restaurant Brands International Inc., one of the world’s largest quick-service restaurant companies with more than $40 billion in annual system-wide sales and over 30,000 restaurants in more than 100 countries.

Cold Stone Creamery, Inc. is an American international ice cream parlor chain founded in 1988. It has approximately 1,000 locations in the U.S. The company is headquartered in Scottsdale, Arizona and is owned and operated by Kahala Brands, one of North America’s largest holding companies of franchise fast-food restaurant brands.

Jamba, formerly known as Jamba Juice, is an American quick-service restaurant and juice bar chain. It is owned by GoTo Foods (formerly Focus Brand), which also owns Auntie Anne’s, Cinnabon, Carvel, McAlister’s Deli, Schlotzsky’s, and Moe’s Southwest Grill. Currently, Jamba operates approximately 800 locations across 36 U.S. states, as well as in the Philippines, Taiwan, South Korea, Thailand, and Japan.

Capriotti’s Sandwich Shop, founded in 1976, is a fast-casual restaurant chain with 112 company-owned and franchise locations across 27 states. Capriotti’s offers a variety of flavorful sub sandwiches made with fresh ingredients, including their famous Bobbie® with slow-roasted turkey, cranberry sauce, and handmade stuffing.

Other tenants at Anatolia Marketplace include stand-alone buildings leased to Chipotle Mexican Grill Drive-Thru, McDonald’s, Dutch Bros and Chevron. Another multi-tenant pad building features Round Table Pizza and Anatolia Dental Group (Pacific Dental Services) and Kids Care Dental.

National tenants in the immediate area include Raley’s grocery store, ARCO am/pm, Chase Bank, Walgreens and The UPS Store.

Hanley Investment Group is currently marketing for sale the single-tenant, absolute NNN Chipotle Mexican Grill drive-thru pad at Anatolia Marketplace. The property is currently under construction and is scheduled to open in September 2024. The investment features a new long-term lease with an asking price of $4,590,000. Contact Bill Asher at Hanley Investment Group for further details.

Notable demographics include over 92,000 people within a five-mile radius and a median household income of nearly $147,000 within a one-mile radius. Rancho Cordova has experienced nearly 47% growth in the last 20 years and ranks as the third wealthiest region in the Sacramento metro area.

There are 38,535 homes either existing, planned or under construction in the immediate area. Rancho Cordova serves as one of the largest employment centers in the region, with a daytime employment population exceeding 17,000 within a three-mile radius of the property. Fortune 500 companies with regional facilities in the area include Cisco Systems, Centene, Anthem Blue Cross, Franklin Templeton, HP Enterprise, Health Net, Teledyne Technologies and Vision Service Plan.

In Q1 2024, six multi-tenant retail properties in California, valued between $3 million and $8 million, sold for an average price of $5,519,500, with an average cap rate of 6.38%. By comparison, during Q1 2023, five similar properties traded at an average price of $4,499,000 and an average cap rate of 5.81%. This represents a 22.7% increase in the average sales price and a 57- basis-point rise in cap rate from Q1 2023 to Q1 2024, per CoStar.

“Despite market fluctuations over the past 12 months, high-quality, well-positioned, new construction multi-tenant retail properties leased to national tenants continue to experience strong demand. As a result, these properties have seen increased transaction velocity and relatively modest pricing adjustments,” Asher noted.

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