Stockton, Calif. — A Northern California-based private partnership has sold College Square, a community shopping center located at 4756 Pershing Ave. in Stockton, California.
A Southern California-based private investor acquired the property for $20 million in a 1031 exchange. Hobby Lobby and Planet Fitness anchor the 126,098-square-foot shopping center, which was built in 1976 and renovated in 2012. Additional tenants include Wienerschnitzel and Outback Steakhouse. Chris Tramontano, John Redfield and Tom Power of SRS Real Estate Partners’ Investment Properties Group represented the seller, while the buyer was self-represented in the transaction. Ben Townsend and Matt Marlin, also of SRS’ Debt & Equity team, structured a high-leverage, non-recourse loan with a reserve structure that allowed the new ownership to receive a cash-out return of approximately 10 percent.