JLL Capital Markets closed the sale of the 112,250-square-foot Power Plaza in Vacaville, California
News release
22 August 2023
Grocery-anchored neighborhood center in Northern California trades for $29.175M
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SAN FRANCISCO, Aug. 22, 2023 – JLL Capital Markets announced today that it has closed the $29.175 million sale of Power Plaza, a 112,250-square-foot, grocery-anchored, neighborhood retail center located in Vacaville, California.
JLL represented the seller, ProEquity Asset Management. After a highly competitive bidding process with several offers, the asset was awarded to DPI Retail.
Built in 1993 and 1994, the 96-percent-occupied center is anchored by Sprouts and leased to a majority of national and credit tenants, including Restoration Hardware Outlet and Williams Sonoma Home Outlet. Pacific Dental Services and The Good Feet Store recently entered new leases. Additionally, the property features a WALT of 6.5 years.
Power Plaza is located at 1001-1071 Helen Power Drive at the intersection of Nut Tree Parkway and Helen Power Drive. The property is centrally located within the regionally-drawing Vacaville retail corridor and boasts excellent visibility along Interstate 80, which sees more than 175,000 vehicles per day. Within a 15-minute drive is a population of 177,440, a household income of $106,888 and a spending power of over $6.2 billion.
The JLL Retail Capital Markets team was led by Managing Director Eric Kathrein, Directors Tim Kuruzar and Warren McClean and Analyst Andy Spangenberg.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.