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.
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, [email protected], https://tallencapital.com/
SOURCE Tallen Capital Partners, LLC
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