BAKERSFIELD, Calif. – (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees and Senior Vice Presidents, Preston Fetrow and Kirk Brummer announced today that they, in conjunction with the National Retail Partners – West (NRP-West) team, completed the sale of Riverlakes Village, a 92,212-square-foot grocery-anchored shopping center in the city of Bakersfield, Calif. The neighborhood shopping center, which was 97 percent leased at the time of sale, is anchored by Vons with a synergistic mix of high performing tenants such as CVS/pharmacy (NAP), US Bank, Starbucks, Chipotle, Supercuts, Verizon Wireless, Carl’s Jr. (NAP), and Bank of America (NAP).
CBRE’s retail investment experts Voorhees, Fetrow and Brummer, along with Jimmy Slusher, Megan Wood, Matt Burson, Sean Heitzler, James Tyrrell and John Read, represented the seller, Crow Holdings Capital Real Estate (CHC-RE), a Dallas-based manager of private real estate funds. The buyer was Phillips Edison Grocery Center REIT II, Inc.
Built in 1997, Riverlakes Village consists of six parcels totaling 9.48 acres at the southeast corner of Coffee Road and Hageman Road. This intersection provides immediate access to the area’s most established and affluent neighborhoods, which have an annual household income averaging nearly $100,000.