California + Bay Area + Retail | May 13, 2022

JLL Closes $17M Sale of Elk Grove Retail Center

JLL Capital Markets has arranged the $17 million purchase of Waterman Grove Plaza, a 44,000-square-foot, value-add retail strip center in Elk Grove, CA. The JLL team of Eric Kathrein, Gleb Lvovich, Brian Ley and Warren McClean represented Pacific Castle Management, the seller in the transaction. The property was purchased by CenterSquare Investment Management.

Waterman Grove Plaza is 90% leased with diverse tenants such as Pets To Go, Panda Express, Jamba Juice and Envy Day Spa. The location is in the rapidly growing community of Elk Grove, just 14 miles southeast of Sacramento, surrounded by an area experiencing a boom in multi-housing developments.

“We saw very strong interest during the sale process and received multiple full-priced offers in the first week of hitting the market,” said Kathrein in a news release. “The investment market has a very strong appetite with a lot of capital chasing well-located retail centers with daily needs, service and restaurant tenants.”

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JLL Capital MarketsEric Kathrein

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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