Pine Tree acquires $122.5 million market-dominant Delta Shores shopping center in Sacramento
The 400k-square-foot Class-a Super-regional Center Is The Most Frequented Open-air Retail Center In The Entire MSA
NORTHBROOK, Ill. - July 27, 2022 (Investorideas.com Newswire) Northbrook-based Pine Tree, in partnership with a U.S. state pension fund, acquired Delta Shores, a 414,658-square-foot super-regional center located in the growing Northern California market of Sacramento. Situated on prominent linear frontage along Interstate 5, Delta Shores features retailers Dick's Sporting Goods, Hobby Lobby, Ross Dress for Less, Petsmart, and Ulta Beauty, among others, in addition to shadow anchors Walmart Superstore, RC Willey, Floor & Décor, and At Home.
The Pine Tree partnership acquired the property for $122.5 million. Delta Shores represents Pine Tree's second acquisition in the Sacramento MSA and contributes to the nearly $375 million in acquisitions for the company in the last 12 months.
Completed in 2017, Delta Shores is part of the 800-acre Delta Shores Master Planned Development located 10 miles south of Downtown Sacramento and immediately adjacent to Interstate 5. With entitlements for more than 5,000 new residential units, the Delta Shores Master Planned Development is close to the Franklin Regional Transit Light Rail Station connecting the area directly to downtown Sacramento, the state's capital. Delta Shores is home to nearly 25 restaurants and specialty food tenants, driving tremendous foot traffic to the property throughout the day. In the last 12 months, the shopping center was the most frequented open-air center and the second most frequented retail destination overall in the Sacramento MSA.
"Delta Shores features outstanding visibility and accessibility from I-5 combined with a strong national and regional tenant mix," said Conor Bossy, EVP, Director of Acquisitions at Pine Tree. "We're proud to deepen our Northern California presence with this strong super-regional center and look forward to working with our tenants and partners to create value while growing Delta Shores' importance in the community ."
Delta Shores was brokered by Eastdil Secured and represents Pine Tree's latest acquisition in its growing West Coast presence.
About Pine Tree:
Pine Tree is a Northbrook, Illinois-based full-service real estate company specializing in retail. Founded in 1995, Pine Tree's current portfolio tops $3.5 billion in assets under management. The company's projects are located across the United States.
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