April 1, 2013
/PRNewswire/ -- Transwestern today announced that it brokered the sale of a 90,000-square-foot retail property at 2520 Sommersville Road in
Formerly the location of a Gottschalks department store, the building is at the point position of the expansive Sommersville Towne Center Mall, currently occupied by Macy's, Sears, Marshalls, Forever 21 and PacSun. The undisclosed investor behind the purchase intends to lease space to synergistic tenants who fit the demographics and needs of the
"This property is an excellent high-exposure, high-identity location, with parking right at the entrance to the Sommersville Towne Center Mall," said Transwestern Senior Vice President and Director of Retail Operations
, based in
Walnut Creek, Calif.
Sechser represented both the buyer and seller, NKT Development LLC, of
San Luis Obispo, Calif.
"There is more than 1 million square feet of retail space in the immediate trade area and very few restrictions on the uses for this property. Additionally, being less than a quarter mile from Highway 4 and fronting Sommersville Road, the space is highly accessible."
The buyer is currently in negotiations with a pair of tenants that would occupy approximately half of the available space, which includes 10,000 square feet of mezzanine. Approximately 45,000 square feet is currently available, at an asking rate of
per square foot per year (payable monthly), plus triple net expenses.
"With its outstanding visibility and access to Sommersville Road," added Sechser, "this is clearly a great piece of investment property and an excellent place to do business."
Transwestern Retail Associate Colby Mikulich, also based in
, assisted in the Towne Center transaction.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 33 U.S. offices and assists clients through more than 180 offices in 36 countries as part of a strategic alliance with
-based BNP Paribas Real Estate.
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