Three-grocer center is sold for $42 million

A subsidiary of NewMark Merrill Companies has acquired Southgate Plaza in Sacramento five years after it was hired by the owner to re-tenant and reposition the center.



The 339,369-sq.-ft. Southgate has the distinction of being anchored by three grocery stores — Walmart Neighborhood Market, 99 Ranch Market, and 99 Cents Only. Other tenants include Ross Dress for Less, Skechers, Payless Shoe Source, Farmer & Merchants Bank, and Taco Bell.



CBRE’s National Retail Investment Group-West handled the sale of the property, which was owned by Wrightwood Financial.



“The property had tremendous leasing momentum despite the existing 27% vacancy at the time of sale. In the past 15 months, 53,000 sq. ft. or 21% of the property has been leased up,” said CBRE’s Jimmy Slusher.

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