Irvine, Calif. (July 16, 2018) – The Shops at Visalia Pavilion, located at 3833, 3837, 3927, 4015 West Caldwell Avenue in Visalia, California, have sold for $8,750,000 to Toor Capital, LLC, a local Visalia family real estate office directed by Arun Toor. Kidder Mathews commercial real estate brokers, Peter Beauchamp, Darren Tappen and Jenette Bennett, represented the seller, a New York-based private equity firm.
The Shops at Visalia Pavilion consist of four separate multi-tenant pad buildings, totaling ±33,000 square feet, within a larger WinCo anchored shopping center.
“The asset was 95% leased at the time of the sale with notable tenants to including a Starbucks drive-thru, Subway, T-Mobile and Papa Murphy’s Pizza,” said 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,” he said.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with over 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages over 51 million square feet of space, and conducts over 1,500 appraisals annually. For more information, visit kiddermathews.com.