Del Paso Marketplace is anchored by Sprouts.
THE NATOMAS BUZZ | @natomasbuzz
Del Paso Marketplace in Natomas has been purchased by Ohio-based Phillips Edison & Co. for $19.9 million.
The 59,796-square-foot shopping center is located at the intersection of Del Paso Road and East Commerce Way. It is anchored by a 29,296-square-foot Sprouts Farmers Market and features a mix of local and national tenants including T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s subs.
Phillips Edison & Co. is an internally-managed real estate investment trust and one of the nation’s largest owners and operators of grocery-anchored shopping centers. This purchase represents the company’s fifth greater Sacramento-area shopping center.
“Sacramento is an attractive market that has seen tremendous job and population growth, creating a compelling opportunity for us to continue to strengthen our portfolio metrics and deliver strong returns to our shareholders,” said David Wik, Senior Vice President of Acquisitions. “This acquisition caps off a successful execution of our acquisitions strategy in 2019. In addition to Sacramento, we were able to increase our exposure to high population and business growth areas such as Naperville, Illinois and the suburbs of Washington, D.C.”
Del Paso Marketplace was previously developed and managed by Sacramento-based real estate agency Buzz Oates.
Speak Your Mind
You must be logged in to post a comment.