Hanley Investment Group Real Estate Advisors successfully sold Pacific Town Center, a 143,217-square-foot shopping center in Stockton. The property features a high-performing Smart & Final Extra! as its anchor tenant and had a vacancy rate of 58%, making it an ideal opportunity for repositioning. The terms of the sale were not disclosed.
The seller was represented by Hanley VPs Sean Cox and Alexander Moore, along with EVP Kevin Fryman. They worked on behalf of the private investor based in Sacramento. On the other hand, Brixton Capital represented themselves as the buyer – they are a privately held real estate investment firm based in San Diego.
According to Cox, their team received offers from various mid-market investors and private individuals before securing an exchange buyer who recognized the potential for significant value-add opportunities at this property. Daniel Sutherland, managing director of investments at Brixton Capital added that their firm saw great potential in Stockton’s rapidly growing metro area and continues to invest in neighborhood-servicing shopping centers like Pacific Town Center.
This recent transaction showcases how experience meets opportunity once again for Brixton Capital as they acquire another valuable asset within California’s fastest-growing metro area without any involvement from Connect CRE or Connect LA.
