A San Diego-based trust has bought the Stadium Retail Center for $41.15 million.
The sale by Kitchell Development Company headquartered in Phoenix was brokered by Lucescu Realty. The buyer is Excel Trust, a publicly-traded real estate investment trust.
Stadium Retail Center is a 421,126-square-foot community shopping center, anchored by Costco, Kohl’s, Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics. The Costco and Kohl’s, which occupy approximately 154,000 square feet and 88,800 square feet respectively, are both tenant-owned and not a part of the sale. Ross Dress for Less, OfficeMax, Old Navy and Jo-Ann Fabrics occupy approximately 52% of the gross leasable area that was conveyed. The blue-chip tenant roster also included Dress Barn, Famous Footwear, Chili’s, Maurice’s, rue 21, Justice, Round Table Pizza, Payless ShoeSource, Verizon Wireless, Panda Express, Starbucks, GameStop, Jamba Juice, Subway and Supercuts. Also included in the sale were four graded, land parcels entitled for 17,600 square feet of additional retail space on the southeast corner of the intersection of Airport Way and Daniels Street.
“It’s an institutional quality piece of real estate, built by one of the premier real estate investment and development companies in the western U.S.,” noted Mark Lucescu, president of the brokerage. “For more than six decades, Kitchell has been building centers of the highest quality and this property is no exception.”
Built in 2007, Stadium Center is situated on a 42.3-acre parcel, at the northwest quadrant of 120 Bypass and Airport Way. The property, which enjoys 2,700 feet of highway frontage along the 120 Bypass, is currently 96.3% leased with 91.7% regional and national tenants in the leased gross leasable area. Lucescu noted Manteca is well-positioned at the center of a rapidly expanding trade area connected by Interstate 5 to the west and Highway 99 to the east. A highly successful Big League Dreams Sports Park is located immediately adjacent to the north and Great Wolf Resorts has proposed a development immediately to the west. The average household income within a 10-mile radius is $83,175.
“We anticipate California’s Central Valley to continue to lead the recovering markets in the western U.S.,” Lucescu said.