A Visalia shopping center anchored by a WinCo store has sold for $8.75 million.
The Shops at Visalia Pavilion on West Caldwell Avenue consist of four separate multi-tenant pad buildings totaling 33,000 square feet. It is located within a larger WinCo-anchored shopping center.
The buyer is Toor Capital, LLC, a local Visalia family real estate office directed by Arun Toor. Seattle, Washington-based real estate brokerage Kidder Matthews, which announced the transaction, represented the seller, New York-based private equity firm Cohen Equities.
“The asset was 95% leased at the time of the sale with notable tenants including a Starbucks drive-thru, Subway, T-Mobile and Papa Murphy’s Pizza,” stated Beauchamp. “It was a compelling acquisition due to the asset’s stable in-place credit tenancy which included a ground-leased pad at the NWC; originally a build-to-suit for Tahoe Joe’s, a popular multi-location restaurant chain. In addition to purchasing at an attractive cap rate, the buyer recognized potential future upside in the individual pad sales to 1031 net-lease buyers.”
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