TRI Commercial/CORFAC International Brokers Sale of Sacramento Shopping Center
Sacramento, CA (October 23, 2014) –TRI Commercial/CORFAC International President Tom Martindale, SIOR, announced today that Bryan Wirt from his company’s Roseville office has sold the University Village Shopping Center, located at the southeast intersection of Fair Oaks Blvd. and Howe Avenue in Sacramento.
Wirt was the only broker involved and terms of the sale were not disclosed. The property address is 27 University Avenue.
The seller was Howe and University LLC, a local investor that acquired the property in 2002. Merlone Geier Partners, a San Francisco-based investment company, purchased University Village Shopping Center.
The 82,688-square-foot shopping center is anchored by Safeway in approximately 27,000 square feet. Other tenants include CVS, Citibank, Starbucks, AT&T and Bandera Restaurant. The center is approximately 97 percent occupied with only one, 1,700-square-foot space available for lease.
“This is one of the most prominent grocery-anchored retail centers on one of the busiest intersections in Sacramento… it is definitely a great piece of real estate,” said Wirt. He specializes in retail real estate investment sales.
Wirt said it was a “value add” investment for Merlone Geier Partners and that portions of the property could be redeveloped to add more retail space.
Merlone Geier Partners is a private real estate investment company focused on the acquisition, development and redevelopment of retail and retail-driven mixed-use properties on the West Coast. Primarily focused on community and neighborhood shopping centers, the firm and its predecessor, M&H Realty Partners, has been actively investing in West Coast retail property since 1993.
About TRI Commercial/CORFAC International
Founded in 1977, TRI Commercial/CORFAC International is a leading Northern California commercial real estate brokerage and property management firm specializing in San Francisco, East Bay and the Sacramento Metro property markets. The company has expertise in tenant and landlord representation services and helps clients buy and sell commercial and investment-grade property. The company serves office, retail, land, multifamily and industrial property sectors, with offices in San Francisco, Oakland, Walnut Creek, Sacramento, Roseville and Rocklin. For more information, visit www.tricommercial.com or call 415.268.2200.
About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC International is celebrating its 25th anniversary in 2014. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 48 countries worldwide. Last year CORFAC firms completed more than 10,000 lease and sales transactions totaling approximately 368 million square feet of space valued in excess of $7.4 billion. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.