[caption id="attachment_12132" align="alignnone" width="640" caption="Raley's grocery store is the anchor tenant for Ukiah Crossings. (Terranomics Retail Services photo)"][/caption]
UKIAH – A Santa Monica-based retail and multifamily residential property investor purchased the 110,000-square-foot Ukiah Crossroads neighborhood shopping center for almost $10.8 million.
Columbus Pacific Properties purchased the neighborhood shopping center from a joint venture of Kimco Realty Corp. and Prudential Real Estate Investors, according to Dan Wald, whose team at Terranomics Retail Services represented the sellers in the July 15 transaction.
"The key to the sale was being able to convey the property's secure going-forward income stream and to pick a buyer that had the ability to obtain acquisition financing," Mr. Wald said.
A 61,000-square-foot Raley's grocery store anchors the center. The nearly $98-a-square-foot sale price for the shopping center reflects new aggressive high-yield requirements among retail real estate investors, according to Mr. Wald. The asking price was $14 million, or about $127 a square foot.
Columbus Pacific (www.columbuspacific.com) has developed or redeveloped over 2.6 million square feet of retail space and homes in California, Arizona, New Mexico, Texas, Indiana, Nevada, Georgia, Kentucky and Ohio.
The sale of Ukiah Crossroads was one of four "noncore" retail centers in the North Bay and 50 nationwide Kimco has been trying to sell in recent months to boost its bottom line. Last month Yacoel Properties LLC of Newport Beach purchased the 66,000-square-foot, Safeway-anchored Glen Cove Shopping Center in Vallejo for $12.9 million. Also on the market are The others in the North Bay are Novato Fair Shopping Center in Novato and Park Place in Vallejo. [See the June 4 commercial real estate column, "Kimco sells Vallejo shopping center."]
Before the Ukiah Crossroads sale, Hyde Park, N.Y.-based Kimco controlled about 1 million square feet of North Bay space, including centers in Napa, Windsor, Novato, Vallejo and Santa Rosa.
Mark Koenig and John Schaefer in Terranomics' San Rafael office advised the sellers.