"We are fortunate to be able to acquire this new property," said CEO Bill Winn.
On August 18, 2017, Starboard purchased Florin Town Centre for $34 million. Located in Sacramento, CA, it is a 260,000 square-foot shopping center anchored by Walmart, Petco, 24 hours fitness, AutoZone, Smart and final, Verizon, Starbucks, sizzler, and others.
Bill, had a lot to say about this new deal:
"The property is well located in Sacramento with relatively high density and high traffic counts on Florin Road and Stockton Boulevard, which bodes well for attracting new tenants and continued improving sales of the existing tenants. The property is anchored by a high performing Walmart Supercenter (owned by Walmart), which made the opportunity more interesting. The property is of relatively new construction, with a good current layout, as compared to most retail along Florin Road, which makes it easily accessible to customers. So generally, we like physical aspects of the property and the current tenant mix"
Florin Towne Centre had about 140,000 sq ft. vacant space at acquisition, but since then Starboard has leased 22,000 SF to Cash & Carry and 40,000 SF to AutoZone. Current occupancy is close to 70%. Starboard plans to continue leasing to new tenants and do some capital improvements to sell the property in two to four years from.
Starboard brought $14 million in equity to purchase the property from private investors. The asset manager for the property is Starboard Management Services LLC, and CBC Advisers as the local 3rd party property manager and Galleli Real Estate as the leasing broker seeking new tenants.
Starboard Realty Advisors, LLC is a team of commercial real estate experts. As a privately held and fully integrated real estate firm, we have more than 35 years of hands-on experience.