Stockton, California – Net Lease Properties has information from Stockton on a large Retail Shopping Center. Excel Trust, Inc., a retail focused real estate investment trust (REIT), has signed a contract for $92.5 Million to purchase a retail shopping center. This fully leased retail shopping center is a 739,234 square foot retail Investment Property (of which 597,787 is owned). The Seller of this Net Leased Property was Levine Investments L.P. and Pivotal 650 California St. L.L.C.
This Investment Property purchase includes some cash and some debt. Excel, the REIT, assumes an existing first lien with an unpaid balance of approximately $44.8 million. The remainder of the Net Leased Property funding will be cash.
The Retail Shopping Center is anchored by some of our favorite Tenants. This Net Leased Property has Tenants like Lowe's, Target (non-owned), Kohl's, Sports Authority, JoAnn's Fabrics, Ross Dress for Less, and Bed, Bath & Beyond. The Investment Property includes thirteen single tenant outparcels including Wells Fargo, Bank of America, Starbucks, Panera Bread on lease, Wendy's and Sonic Drive-In. Excel’s purchase agreement contains the entire Investment Property, with the exception of Target, which owns its approximately 150,000-square-foot store.
The developer was Kitchell Development Company. They built the Net Leased Property, Park West Place, in 2004. This Investment Property is located within the 3,000-acre Spanos Park master planned community which is about 80 miles west of San Francisco. Nadel Architects-designed the Retail Shopping Center. Some stats to consider if you are seeking “NNN” Triple Net Lease Properties are that Stockton is the thirteenth largest city in California. Stockton has experienced population growth of over 30% the last decade. The average household income in a three mile radius is estimated to be $83,708
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