Brixton Capital Snaps Up Stockton Shopping Center
Hanley Investment Group Real Estate Advisors recently completed the sale of Pacific Town Center, a 143,217-square-foot shopping center anchored by a high-performing Smart & Final Extra! in Stockton. The shopping center, with 58% vacancy, presented a unique repositioning opportunity. Sale terms weren’t disclosed.
Hanley VPs Sean Cox and Alexander Moore, along with EVP Kevin Fryman, represented the seller, a private investor based in Sacramento. The buyer, Brixton Capital, a San Diego-based privately held real estate investment firm, represented themselves.
“Attracting 18 offers from mid-market investors and private investors, we maximized pricing by securing a 1031 exchange buyer who recognized the property’s exceptional value-add investment potential,” said Cox.
Added Daniel Sutherland, Brixton Capital’s managing director of investments, “For Brixton, opportunity once again met experience in Stockton, where our firm continues to invest in neighborhood-servicing shopping centers in the heart of California’s fastest growing metro area.”