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Acadia Realty Trust Picks Up Fully Leased Shopping Center Near Sacramento

Donahue Schriber Sells Elk Grove Commons for $59.3 Million
August 6, 2018
Trader Joes at Elk Grove Commons in Elk Grove, CA.

Rye, NY-based Acadia Realty Trust, a publicly traded real estate investment trust (REIT), purchased a 241,926-square-foot shopping center from Donahue Schriber Commercial Real Estate. Elk Grove commons sold for $59.3 million, or about $245 per square foot.

The fully leased center at 9624 Bruceville Rd. is anchored by Trader Joe’s, Home Goods and Kohl’s. The Class B property was developed in 2004, spanning 28 acres less than 14 miles from California State University, Sacramento.

“Elk Grove Commons is positioned on one of the most dynamic intersections in a submarket that has excellent fundamentals in regards to retail vacancy, residential and employment growth. Given the stability of the asset, coupled with where the capital markets are pricing today, this opportunity presented levered cash on cash returns that are hard to find on the West Coast for this quality of retail,” said Nicholas Bicardo, vice chairman at Newmark Knight Frank Capital Markets (NKF), in a statement.

According to NKF, Elk Grove Commons was the largest single asset retail transaction in the past three years in the Sacramento area.

Bicardo, along with Brandon Rogoff at NKF, represented the seller in the transaction.

For additional information regarding this transaction, please refer to CoStar COMP #4461833.

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