Cordova Village: $20.25M sale of Safeway-anchored retail center in Sacramento market

SAN FRANCISCO, Oct. 28, 2025 – JLL Capital Markets announced today that it has arranged the $20.25 million sale of Cordova Village, a 60,617-square-foot Safeway-anchored retail center in Rancho Cordova, California.

JLL represented the seller, McNellis Partners. The buyer was a foreign private investor.

Cordova Village, located at 10605-10635 Folsom Blvd., features three single-tenant buildings on 7.16 acres with 705 feet of Folsom Blvd frontage. The property is 100% leased to national credit tenants including Safeway, Safeway Fuel Center and Bank of America. The asset benefits from its strategic location adjacent to a regionally-drawing discount grocery center and its position along Hwy-50, which carries nearly 140,500 vehicles per day.

The Sacramento metropolitan area continues to demonstrate strong fundamentals with a population of 2.5 million, making it the fifth most populated MSA in California. Rancho Cordova, located 15 miles east of Sacramento, has emerged as one of the region's largest employment centers with a workforce exceeding 65,000 and is experiencing steady growth driven by technology, healthcare and government services.

The property showcases exceptional performance with Safeway demonstrating strong sales productivity and maintaining a healthy rent-to-sales ratio. All tenants recently executed five-year lease extensions and Safeway invested $3 million in renovations, demonstrating strong commitment to the location. The center provides stable cash flow through triple-net lease structures with contractual rent increases and benefits from its protected position as the only major supermarket chain along the Highway 50 corridor running east-west through Rancho Cordova.

JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Eric Kathrein, Senior Managing Director Gleb Lvovich and Senior Director Jeff Cicurel.

"Cordova Village represents an exceptional opportunity to acquire a premier retail asset with long-term credit tenancy in a growing Sacramento submarket," said Kathrein. "The combination of high-performing anchor tenancy, recent lease extensions and strategic location created strong investor interest in this offering."

“It was great to collaborate with our net lease partner, Jeff Cicurel, on the marketing of the asset via a strategic parcelization strategy. The approach of marketing three separate net lease parcels ultimately lead to a single asset sale offering one closing and maximum proceeds to our client,” Lvovich added.

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 sales and 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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

For over 40 years, this privately held development company has built a reputation for fairness and thoughtful development by focusing on a limited number of shopping centers, mixed-use projects and office buildings throughout the Greater Bay Area from Santa Cruz to Santa Rosa to Sacramento. McNellis Partners specializes in renewing productivity of outdated or neglected properties that occupy significant places in their communities, while maintaining trusted relationships with city councils, planning commissions, neighborhood groups, brokers, architects, engineers, contractors and tenants. Based in Palo Alto and Sacramento, the firm manages its own properties and gives back to local communities through numerous charities and non-profits including Rebuilding Together Peninsula, the Association for Frontotemporal Dementias, St. Anthony's and college scholarship programs.