News
ENLARGE
Read Investments, LLC, announced today the acquisition of four retail properties through the fourth quarter of 2011 in California and Oregon, including the Glenbrook Center in Grass Valley, for a total of approximately $30 million.
Read Investments would not disclose the sale price of the Glenbrook Center, acquired in the fourth quarter of 2011, a spokesperson said.
“Our primary investment strategy is to focus on well-located neighborhood shopping centers in familiar secondary and tertiary markets in the western U.S.,” Director of Real Estate Morgan Read said in a news release. “For example, the largest acquisition, Grass Valley, represents a market that is supply constrained both topographically and culturally while servicing a large geographic trade area. The retail sales in this center illustrate the strength of this unique market and we can be patient enough to realize the upside. We also make occasional opportunistic moves, such as our acquisition of the property in Berkeley which augments our current holdings in the immediate area while providing the potential for future development.”
The 112,472 square-foot Glenbrook Plaza Shopping Center at Brunswick Rd. and Highway 49 in Grass Valley, CA, is 98 percent percent leased, and includes anchor tenants Grocery Outlet, Staples, and Rite Aid. The seller was a regional real estate development firm.
Read Investments anticipates making additional acquisitions in the West and Northwest markets in 2012, said Read.
“We are building on our experience as both a retailer and developer acquiring and/ or creating strong retail locations with upside, both for the near and long term,” he said.
Read Investments would not disclose the sale price of the Glenbrook Center, acquired in the fourth quarter of 2011, a spokesperson said.
“Our primary investment strategy is to focus on well-located neighborhood shopping centers in familiar secondary and tertiary markets in the western U.S.,” Director of Real Estate Morgan Read said in a news release. “For example, the largest acquisition, Grass Valley, represents a market that is supply constrained both topographically and culturally while servicing a large geographic trade area. The retail sales in this center illustrate the strength of this unique market and we can be patient enough to realize the upside. We also make occasional opportunistic moves, such as our acquisition of the property in Berkeley which augments our current holdings in the immediate area while providing the potential for future development.”
The 112,472 square-foot Glenbrook Plaza Shopping Center at Brunswick Rd. and Highway 49 in Grass Valley, CA, is 98 percent percent leased, and includes anchor tenants Grocery Outlet, Staples, and Rite Aid. The seller was a regional real estate development firm.
Read Investments anticipates making additional acquisitions in the West and Northwest markets in 2012, said Read.
“We are building on our experience as both a retailer and developer acquiring and/ or creating strong retail locations with upside, both for the near and long term,” he said.
