CBRE and NRIG-West Team Complete Sale of California Neighborhood Center for $19.4 Million

Folsom, Calif. – The center is currently 93 percent leased.

Folsom, Calif. – CBRE and the NRIG-West team have completed the sale of Commonwealth Square, a 141,310-square-foot community shopping center in Folsom, for $19.4 million. Commonwealth Square is anchored by a Raley's Fine Markets, along with a complementary mix of pad and shop tenants including Starbucks, Smashburger, Heritage Community Credit Union and H&R Block. The property was approximately 85 percent occupied at the time of sale.

CBRE's retail investment team of Philip Voorhees, Megan Read, Matt Burson, Jimmy Slusher, Brad Rable and John Read represented the seller, a Los Angeles-based family partnership. The buyer, also represented by the NRIG-West team, was Phillips Edison-ARC Grocery Center REIT II Inc. (Phillips Edison-ARC II). CBRE leasing professionals Chris Campbell, Scott Carruth and Jason Read were the leasing agents on Commonwealth Square at the time of the sale. Built in 1988, Commonwealth Square encompasses a 14-acre site and was encumbered by a CUNA Mutual Group life insurance company loan, maturing in June 2023, which the buyer assumed.

   Scott Reid

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