(WOODLAND HILLS, CA) NewMark Merrill Companies has acquired 339,369 SF Southgate Plaza Shopping center located at the corner of Florin Road and Franklin Boulevard in Sacramento, California. NewMark Merrill Companies purchased Southgate Plaza from Wrightwood Financial for $42.1 million. This is NewMark Merrill’s third acquisition in the Sacramento area in the last two years.
NewMark Merrill was hired by Wrightwood to oversee property management by Wrightwood after foreclosing on the center over five years ago. As part of overseeing the redevelopment and repositioning effort the company leased space to 99 Ranch Market, Walmart Neighborhood Grocery, 99c Only Stores, Ross Dress for Less and a variety of other local, regional, and national tenants. In addition, the company added several digital reader boards, which are frequently used to promote merchant specials and attracting tenants to Southgate Plaza; reconfigured the parking lot, multiple large street monument signs, repainting the center, improving security and safety.
“Southgate Plaza is ideally located in an infill location with high barriers to entry for new development,” stated Sandy Sigal, President and Chief Executive Officer of NewMark Merrill Companies. “It offered us a prime opportunity to own a stabilized property with key daily needs tenants in place for the long-term. Both the City and County have been very supportive of our efforts to reposition the property. We look forward to continuing the process of adding new tenants and events that will focus on improving the community and add to the customer experience.”
The project was acquired with the assistance of Phil Voorhees of CB Commercial who brokered the deal, Chris Campbell and Scott Carruth with CB Commercial who assist with the leasing of the center, and with debt financing by John Hancock Life Insurance.
Southgate Plaza is situated in the densely populated market of South Sacramento and serves as a regional draw due to its direct access to Highway 99. Tenants at the center include Walmart Neighborhood Market, 99 Ranch Market, 99c Only Stores, Ross Dress for Less, McDonald’s, Taco Bell, Baskin-Robbins, Sally Beauty and Payless Shoe Source, plus many other great retailers.
About NewMark Merrill Companies
Southgate Plaza is part of a portfolio of over 86 shopping centers that NewMark Merrill Companies owns or manages. NewMark Merrill Companies, Inc., is owned by Chairman and Chief Executive Officer, Sandy Sigal. Since 1984, he has led NewMark Merrill in a community leadership role at the company’s shopping centers in more than 45 cities throughout California, Colorado and Illinois. NewMark Merrill Companies works very hard to ensure that our shopping centers are successful for our tenants and the community. The Company is known for their innovative and creative marketing, organizing campaigns and community marketing in connection with the needs of individual tenants. In addition, NewMark Merrill takes its commitment to surrounding neighborhoods very seriously, often adopting local charities, both providing them with space to raise funds and awareness and providing direct funds through fund-raisers and other events. For more information about the center, visit http://southgate-plaza.com. For more information on NewMark Merrill Companies, contact Heather Danko, CMD at [email protected] or at 818-710-6100.