May 2012
Arroyo & Company is pleased to announce the sale of Laguna Pavilion, a 70,554 square foot shopping center located in Elk Grove, California. The property was bought and sold by undisclosed Bay Area investors, who were represented by David Kram, Pedro Arroyo, and Reid Lewis of the Arroyo Commercial Group.
Before marketing Laguna Pavilion, the Arroyo Commercial Group advised the seller on the execution of 2 new leases and 2 lease extensions, so the property was 100% occupied at the time of sale. 85% of the gross leasable area was leased to national or regional tenants, including Party City, Pier 1, FedEx, Sleep Train, Chili’s, and Chipotle.
This transaction represents one of the few deals of this magnitude to close in the last 5 years within the Sacramento MSA, and it is one of the largest unanchored shopping center transactions in Northern California during that same time period.
Arroyo & Company specializes in the acquisition and disposition of commercial and multifamily properties. Please contact us if you would like a market update, an opinion of value, or more information regarding the sale of Laguna Pavilion. acdeals@a-c.com