By Mike Hazlip—
The Raley’s-anchored retail center at Lichen Drive and Antelope Road, which has undergone some recent changes, has been sold for $16,750,000, according to an announcement by commercial real estate firm Marcus and Millichap.
Marcus and Millichap associate Wyatt Figueroa told The Sentinel in a phone call Wednesday the SummerHills Plaza is well-positioned, with several tenants having recently signed long-term leases, including Raley’s and Dollar Tree. Figueroa said he doesn’t expect to see any changes in the major tenants as a result of the sale. The center is over 80% occupied, he said.
Buyer Ethan Conrad announced the acquisition in a release posted Tuesday from the Sacramento Business Journal. The Journal reported escrow closed in late December, about five years after Newport Beach-based seller Citivest Commercial Investments LLC acquired the asset for over $14 million.
Conrad’s signature yellow-and-blue “for lease” signs could already be seen at the site this week. At least three vacant storefronts were observed on the western side of the center on Thursday morning.
Conrad, who owns numerous shopping centers and office buildings in the greater Sacramento area, told The Journal he plans to improve the center from “a ‘7’ to a ‘9’” in appearance.
The plaza’s largest tenant, a 55,000-square-foot Raley’s grocery store, recently underwent renovation that changed the store’s footprint and interior space to make room for grocery delivery operations. The center also welcomed a new Dutch Bros. drive-thru last year.
Plans for a 22-unit apartment complex on a vacant acre of land behind the Raley’s store were previously submitted to the city, but the project was subsequently postponed “indefinitely” in 2019 after a spokesman for the developer cited cost concerns and unfavorable market conditions. Conrad told The Journal that section of land would be ideal for a self-storage business and said his company will look at selling that portion of the property.
Ethan Conrad Properties, Inc., also acquired a portion of another shopping plaza in Citrus Heights two years ago, located on the southeast corner of Sunrise Boulevard and Antelope Road.
By Mike Hazlip—
The Raley’s-anchored retail center at Lichen Drive and Antelope Road has been sold for $16,750,000, according to an announcement by commercial real estate firm Marcus and Millichap.
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