Find in the news:
BY COUNTRY

Country Club shopping center sold to San Diego investors



Country Club Centre has been sold to the investment company for an estimated $56 million.

The seller was a partnership headed by the Buzz Oates Group of Companies, which has owned it since the 1980s but put it up for sale about 18 months ago.

“This is part of our business strategy of selling off our retail portfolio and concentrating on industrial property moving forward,” said Kevin Ramos, chief investment officer with the Sacramento-based Oates group.

The buyer is Tourmaline Capital Management, a San Diego private investment company established in 2011. Its president, Jonathan Cheng, said in an email statement that Tourmaline has no immediate plans for the property but is “in the process of exploring all options.”

He said the company has been “targeting” Sacramento for investment opportunities for several years.

The center, at the southwest corner of Watt and El Camino avenues, has about 500,000 square feet of retail space, with Walmart, Sam’s Club, Michaels and Anna’s Linens as principal tenants. It is one of the rare retail centers where Walmart and its affiliate, Sam’s Club, operate on leases rather than owning their own property, Ramos said.

There is only one significant vacancy: a 25,000-square-foot space formerly occupied by Office Depot.

As part of the deal, the Oates group will retain a four-story office building at 3310 El Camino that is leased to the state Department of Water Resources, Ramos said.

The center opened in 1952, making it one of the region’s oldest suburban malls. Town & Country Village opened in 1947. Country Club Plaza, which is directly across Watt from Country Club Centre, opened in 1960. The plaza was sold last summer to a San Francisco real estate firm.

Early tenants at Country Club Centre included J.C. Penney and the Rhodes department stores. Sam’s Club opened its store there in the 1993 and Walmart opened in 2004, taking over a 130,000-square-foot space previously occupied by Montgomery Ward.

The Oates Group announced last year it would be unloading all of its retail properties; in December, it sold the Ikea-anchored Riverpoint Marketplace in West Sacramento.

As a result of this deal, the company will be left with only about 300,000 square feet of retail space. It has about 2.7 million square feet of office space and 19 million square feet of industrial properties, Ramos said.

Cheng said Tourmaline focuses on buying and developing utilized retail properties on the West Coast. Among its holdings are four centers in Washington state and the Plaza Del Sol center in Burbank.

Related shopping malls and stores:

More about shopping malls in the USA



Jul 20, 2021, USA:
LVMH will acquire a controlling stake in Off-White, with its founder retaining 40%.
Jul 20, 2021, USA:
The iconic lingerie brand announced its intention to open three retail outlets with a new format this autumn.
Jul 19, 2021, Spain:
Amid the surge in the online retail model, Inditex is betting on a hybrid model that combines traditional stores and online ordering options.
Jul 14, 2021, United Kingdom:
The temporary For You House store will not sell any products - it will be a place for meetings and themed workshops.
Jul 13, 2021, USA:
The global chain of department stores will sell fashion brands aimed at a younger audience.
Jul 13, 2021, China:
Clothing and footwear retailer Shein has become the most prominent fast-fashion retailer in the U.S.
Friend
and Follow
Designer Outlet Provence GLA:269 098 SF
ADDRESS: Mas de la Peronne, Miramas, France
France . Miramas
Designer Outlet Provence
K in Lautern GLA:224 966 SF
ADDRESS: 67655 Kaiserslautern
Germany . Kaiserslautern
K in Lautern
Charlotte Premium Outlets GLA:400 000 SF
ADDRESS: 5404 New Fashion Way Suite 100, Charlotte, NC 28278
USA . Charlotte
Charlotte Premium Outlets
Shopping City Süd GLA:1 862 156 SF
ADDRESS: Europaring 2334 Vösendorf
Austria . Vienna
Shopping City Süd


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us