Tallen Capital Partners, LLC, and Citivest Commercial, Inc.
recently sold the Citrus Height's See's Candies property that
houses a retail shop, business-to-business operations, and regional
offices.
CITRUS
HEIGHTS, Calif., July 31,
2024 /PRNewswire-PRWeb/ -- Tallen Capital Partners,
LLC, and Citivest Commercial, Inc. recently sold the Citrus
Height's See's Candies property that houses a retail shop,
business-to-business operations, and regional offices for
$4,497,000 to a 1031 exchange buyer.
The property is a well located, hard corner pad building fronting
Merlone Geier's recently redeveloped Sunrise Village Shopping
Center anchored by Amazon Grocer, City Sports, Rite Aid, Olive
Garden and more at the high traffic intersection of Sunrise Blvd
and Uplands Way in Citrus Heights,
CA.
"The timing of the sale shows the high
quality of the property that we created. We acquired the building
as a 'dark box' and went about a methodical and aggressive leasing
campaign to create value in an expedited manner for this
50-year-old antiquated former bank building."
See's Candies opened in August
2022 after the owners conducted an extensive renovation of
the building.
Tallen Capital Partners, LLC acquired the building pad formerly
housing a regional Patelco Bank from Patelco Bank on May 23, 2022, for $2,010,000. Tallen Capital negotiated and signed
a long-term 15-year national credit tenant lease with the classic
See's Candies brand.
- "We completed the business plan for this trophy property in a
timely manner and successfully exited the property at a 5.4% cap
rate in this still turbulent capital markets environment," said
Terry Tallen, CEO and founder,
Tallen Capital Partners, LLC. "The timing of the sale shows the
high quality of the property that we created. We acquired the
building as a 'dark box' and went about a methodical and aggressive
leasing campaign to create value in an expedited manner for this
50-year-old antiquated former bank building."
Tallen Capital Partners, LLC and Citivest were represented by
brokers Carol Therien of Retail
Pacific and Monarch Commercial Advisors.
"The acquisition, entitlement, lease up and disposition of this
iconic property is a prime example of the momentum of our new
opportunistic Drive Thru Property Value Creation Fund led by Tallen
Capital's, Bobby Schmeider. We are
actively seeking the acquisition of vacant drive thru restaurants,
bank building and pharmacies with drive thru's and dark big boxes,"
says Tallen.
Tallen Capital Partners, LLC and Citivest are known in the
retail real estate industry for the successful repositioning of
properties and achieving significant returns on invested capital
through the redevelopment of under-performing shopping center and
retail projects in both urban and suburban markets. The companies
believe the value creation process depends on establishing strong
relationships within communities, staying connected to the market,
adeptly addressing the discretionary approval process, while
focusing on establishing successful locations for its national,
regional, and local tenant and broker relationships. The team also
completed the redevelopment of the renown Rossmoor Shopping Center
in Walnut Creek, CA in early
2020.
About Tallen Capital Partners, LLC
TCP is a privately held, vertically integrated retail and
mixed-use real estate investment and development organization with
offices in San Diego, San Francisco Bay Area, and Indianapolis. TCP has a recognized track
record in institutional grade assets as well as value added
repositioning and redevelopment of under-performing shopping
centers and dark retail big boxes. The company is known in the
retail real estate industry for the successful repositioning of
properties and achieving significant returns on invested capital
through the redevelopment of under-performing shopping center and
retail projects in both urban and suburban markets.
About Citivest
Citivest is a full-service real estate investment company
specializing in adding value and achieving excellent returns for
its investors through strategic acquisitions, ground-up
development, and property repositioning, including renovation,
leasing, and management improvements. Citivest's strategic
acquisition programs include the purchase of distressed residential
and commercial properties and secured notes, throughout
the United States, with a
concentration in California,
Arizona, and Nevada.
Media Contact
Terry
Tallen, Tallen Capital Partners, LLC, 1 831-331-4430,
info@tallencapital.com, https://tallencapital.com/
Twitter, LinkedIn
View original content to download
multimedia:https://www.prweb.com/releases/tallen-capital-partners-and-citivest-sell-iconic-sees-candies-property-302209495.html
SOURCE Tallen Capital Partners, LLC