Shops at Stonecreek Plaza Sells for $12 Million, 7.1% Cap Rate in Merced County
LOS BANOS, CALIF. — (RealEstateRama) — CBRE Executive Vice President Philip D. Voorhees announced today that he, Jimmy Slusher and their National Retail Investment Group – West (NRIG-West) team completed the sale of the Shops at Stonecreek Plaza, a 52,171-square-foot strip center in the city of Los Banos, Calif., leased to a synergistic mix of regional and local tenants including Petco, Famous Footwear, Dollar Tree, GNC, Metro PCS, Wingstop and a drive-thru Starbucks. The sale price was $12 million, representing a 7.1% cap rate.
CBRE’s retail investment experts Voorhees, Slusher, Megan Wood, Matt Burson, John Read, Kirk Brummer, and Preston Fetrow, and CBRE Vice Chairman Richard Rizika, represented the seller, Rich Development Company, a San Pedro, Calif.-based investment company. The buyer, represented by a cooperating/selling broker, was a Northern California-based private investor focused primarily on multi-tenant retail investments.
About CBRE Group, Inc.
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 and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.