ProEquity Asset Management sells 73,600 SF property in CA
PROEQUITY ASSET MANAGEMENT SELLS A PRIME 73,600 SQUARE FOOT RETAIL PROPERTY IN STOCKTON, CALIFORNIA
Stockton, CA. –ProEquity Realty Partners, Inc., a ProEquity Asset Management affiliated company, has sold Lakeside Plaza, a 73,600 square foot freestanding retail property located at 2203-2223 East Grand Canal Blvd. in Stockton, California.
Lakeside Plaza was sold at $9.6 million reflecting the substantial capital improvements made to the property, annual rent escalations and demand for retail assets in the Stockton area. ProEquity Executive Managing Directors, Tyler Sheldon and Michael Turner, brought the property to market and say, “The Central Valley retail and office markets continue to improve, and we have seen nothing but positive net absorption year over year.”
ProEquity, along with a JV partner acquired Lakeside Plaza in 2013 and made a significant return after overseeing as asset and property management. making major improvements and increasing occupancy. The Plaza is anchored by Marshalls and comprised of local and national tenant mix including Domino’s Pizza, Ghinggis Kahn (original location), Arthur Murray Dance Studio, and San Joaquin Department of Health, among others. Since ProEquity’s takeover, occupancy increased 30% over the past four years raising occupancy to 95%.
Constructed in the early 1980’s, Lakeside Plaza is a community shopping center along March Lane, the heart of centrals Stockton’s regional shopping area. This region is home of Stockton’s only two enclosed malls, hotels, major retail and restaurants in addition to other national businesses.
ABOUT PROEQUITY ASSET MANAGEMENT
ProEquity Asset Management is an industry leading, full-service commercial real estate services company providing comprehensive solutions for real estate owners and investors throughout the Western, Southwestern and Midwestern United States. Recognized as one of the fastest growing commercial real estate services companies in the nation, ProEquity is committed to delivering excellent results. ProEquity is headquartered in El Dorado Hills, California and has offices in Arizona and Texas. For more information on ProEquity, please visit proequityam.com.