|By Marketwired .||
|July 14, 2014 02:02 PM EDT||
IRVINE, CA and SACRAMENTO, CA -- (Marketwired) -- 07/14/14 -- Pacific Castle, a premier owner and operator of retail shopping centers in the West Coast, has recently acquired four properties for approximately $40 million in the Sacramento area. The opportunistic purchase of the Sacramento region assets signals the continued trend of the company to add to its diversified portfolio.
"We have had a presence in Sacramento for the last decade and as the economy continues to recover, we could see ourselves invested in the region for years to come," said Rod Astarabadi, president of Pacific Castle. "Despite the high competition for these properties, we were well-positioned to quickly complete the transactions at a substantial pricing discount. Augmenting our portfolio with the high-quality strategic Sacramento locations enables us to leverage our experience and economies of scale to upgrade the tenant mix, improve the occupancy and provide for long-term growth."
Over the last few months, Pacific Castle acquired the following four properties: Waterman Grove Plaza in Elk Grove, CA; Willow Creek Town Center in Folsom, CA; Zinfandel in Rancho Cordova, CA; and Strawberry Creek in Sacramento, CA. In addition to the recent acquisitions, Pacific Castle also owns the Rancho Cordova Town Center, a power center anchored by a Super Target, which gives the company ownership of more than 327,000 square feet of retail space in the Sacramento region.
Waterman Grove Plaza is located at 9304-9332 Elk Grove Boulevard in Sacramento's Elk Grove Retail submarket. The 44,090-square-foot neighborhood center was constructed in 2006 and is in a dominant east/west commuter route. Major tenants include Panda Express, Subway, T-Mobile and Gamestop.
Situated at 1001-1011 E. Bidwell Street in Folsom, CA, the Willow Creek Town Center is anchored by SaveMart and CVS, as well as several other regional and national tenants. It sits on the high-traffic intersection of Bidwell Street and Blue Ravine. The property's other key tenants include IHOP, Chipotle, Golden One Credit Union, Wingstop and Anytime Fitness.
The 39,737-square-foot Zinfandel, located at 2817-2863 Zinfandel Drive in Rancho Cordova, CA, will undergo a major renovation in order to reposition the property.
Strawberry Creek is another Super Target-anchored center located at 8211-8251 Bruceville Road in Sacramento, CA, at the intersection of Highway 99 and Cosumnes River Boulevard. Due to the high visibility of the shopping center, it has notable tenants such as Panda Express, Subway, UFC Gym, Starbucks, Comcast and others.
About Pacific Castle
With more than $500 million in assets, Pacific Castle is a premier owner and operator of shopping centers in the Western United States. The company prides itself on consistently generating solid returns and creating value by successfully executing its investment strategies. In addition, the company has another strategy of acquiring ethnic retail properties.
Founded in 1993 on the values of honor, trust and integrity to develop win-win relationships through all its dealings, Pacific Castle has grown steadily, adding Class-A retail properties, team members and a large pool of investors as company assets. For more information, please visit www.pacificcastle.com.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2638336