South Sacramento Shopping Center Sold by Marcus & Millichap for $20.95 Million
SACRAMENTO, Calif., Nov. 12, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Strawberry Creek, a 57,373-square-foot shopping center in Sacramento, California. The property sold for $20.95 million.
“Strawberry Creek serves the residents of South Sacramento and Elk Grove, which are expanding suburbs populated by households with median incomes above the national average,” said Edward Nelson, first vice president investments in Marcus & Millichap’s Sacramento office. “The four-building property includes a vacant parcel that can be used for future development.” Nelson and Nicholas Scelsa, senior managing director investments, represented the Irvine, California-based seller, Pacific Castle Management Inc. Nelson procured the buyer, a local private investment group whose main partner is Kurt Hilbers.
Shadow-anchored by a 133,000-square-foot Target store, the center is located at the signalized intersection of Cosumnes River Boulevard and Bruceville Road. Cosumnes River College is adjacent, and the Kaiser Permanente South Sacramento Medical Center is nearby. The center was constructed in 2007 on 7.4 acres.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.