SAN FRANCISCO, Dec. 13, 2023 -JLL Capital Markets announced today that it has closed the $44.3 million sale of Quail Pointe, a 98,314-square-foot, grocery-anchored neighborhood retail center located in the highly desirable Sacramento suburb of Fair Oaks, California. This was the first time the property has been offered for sale in 36 years.
JLL worked on behalf of the seller, Madison/Sunrise Associates, and Phillips Edison & Company acquired the asset.
Built in 1987, Quail Pointe is 94-percent-leased to a diverse roster of necessity-based tenants and a best-in-class grocer. Trader Joe's has been a high-performing anchor tenant for over 30 years and recently signed an early five-year renewal to extend its remaining lease term to nine years. Notable tenants include CorePower Yoga, Chili's, Lamps Plus, LensCrafters and Freestyle Clothing Exchange. Additionally, the average length of tenancy at the center is over 20 years, and 81% of the revenue comes from national and credit tenants.
Situated at 5329 Sunrise Blvd., Quail Pointe benefits from its ideal location at the intersection of Sunrise Boulevard and Madison Avenue, giving it visibility to over 82,000 vehicles per day and ease-of-access to a broad trade area. In addition, the center caters to a robust and affluent customer base within a densely populated market. Within three miles of the property is a population of 131,419, an average household income of $112,015 and a spending power of $5.9 billion.
The JLL Retail Capital Markets team was led by Managing Director Eric Kathrein, Director Warren McClean and Analyst Andrew Spangenberg.
"Quail Pointe is a tremendous property that appealed to a broad pool of investors and resulted in a highly competitive marketing process. It fits the retail appetite of today with a best-in-class grocery-anchor, no big-box exposure and right sized in-line suites," said Kathrein. "The seller did a fantastic job of curating a diverse tenant mix that has resulted in very strong historical performance and sets it up for long-term success."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 13 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 December 2023 15:09:41 UTC.
