CBRE’s Philip D. Voorhees, Preston Fetrow, Kirk Brummer and NRP-West Team Complete...

CBRE’s Philip D. Voorhees, Preston Fetrow, Kirk Brummer and NRP-West Team Complete Sale of Grocery-Anchored Shopping Center Riverlakes Village in Bakersfield

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.

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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.

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Robert W. McGrath
Senior Director, Corporate Communications

+1 212 9846515
+1 800 7996523 FREE

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