LUCESCU REALTY Announces Sale of Stadium Center Shopping Center in Manteca, California for $41.15 Million
NEWPORT BEACH, CA – July 2, 2013 – (RealEstateRama) — Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of Stadium Center Shopping Center in the City of Manteca, in the Central Valley of California, for $41.15 million. Stadium Center was developed by Kitchell Development Company, headquartered in Phoenix, Arizona, a preeminent owner, operator, and developer of dominant neighborhood and community shopping centers. LUCESCU REALTY represented the interests of the seller and procured the buyer, Excel Trust, a publicly-traded real estate investment trust, located in San Diego, California.
Stadium Center is a 421,126-square-foot community shopping center, anchored by Costco, Kohl’s, Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics. The Costco and Kohl’s, which occupied approximately 154,000 square feet and 88,800 square feet respectively, were both tenant-owned and not a part of the sale. Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics occupy approximately 52% of the gross leasable area (GLA) that was conveyed. The blue-chip tenant roster also included Dress Barn, Famous Footwear, Chili’s, Maurice’s, rue 21, Justice, Round Table Pizza, Payless ShoeSource, Verizon Wireless, Panda Express, Starbucks, GameStop, Jamba Juice, Subway and Supercuts. Also included in the sale were four graded, land parcels entitled for 17,600 square feet of additional GLA.
“It’s an institutional quality piece of real estate, built by one of the premier real estate investment and development companies in the western U.S.,” noted Lucescu. “For more than six decades, Kitchell has been building centers of the highest quality and this property is no exception,” Lucescu further commented. “Kitchell did a great job assembling the land and lining these tenants up, and built a great center. Excel should do well with this acquisition as they continue their pursuit of high quality commercial real estate assets throughout the Central Valley.”
Built in 2007, Stadium Center is situated on a 42.3-acre parcel, at the northwest quadrant of State Route 120 and Airport Way. The property, which enjoys 2,700 feet of highway frontage along State Route 120, is currently 96.3% leased with 91.7% regional and national tenants in the leased gross leasable area. Manteca is well-positioned at the center of a rapidly expanding trade area connected by Interstate 5 to the west and State Route 99 to the east. A highly successful Big League Dreams Sports Parks is located immediately adjacent to the north and Great Wolf Resorts has proposed a development immediately to the west. The average household income within a 1-mile radius is $83,175.
According to Lucescu in discussing the latest market trends, “We expect core and core plus offerings to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition, we anticipate California’s Central Valley to continue to lead the recovering markets in the western U.S.”
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, market research and financial services. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. LUCESCU REALTY is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco later this year. For more information, please visit www.lucescurealty.com.
