Sacramento Portfolio of properties for Sale - North Natomas
Institutional Property Advisors (“IPA”) is pleased to present the opportunity
to acquire the leasehold interest in Discovery Plaza, located at 1500-1590
West El Camino Avenue, Sacramento, California 95833 (“the Property”), a
89,590 square foot Bel Air (Raley’s credit) anchored neighborhood shopping
center at the northwest corner of West El Camino Avenue and Truxel Road
in Sacramento’s Natomas submarket.
Discovery Plaza is a dominant grocery-anchored center with 465 surface
parking spaces and frontage of 1,584 feet along West El Camino Avenue
and 1,089 feet along Truxel Road. The Property was built in 1986 and has
maintained effective full occupancy throughout multiple economic cycles.
The anchor, Bel Air Market, has operated continuously at this location since
1980, representing 45 years at a single address. The leasehold interest runs
through June 30, 2090 with all four renewal options exercised, providing
64 years of remaining term. Ground rent adjusts every five years at 80%
of CPI with no fair market value reset provisions and includes a Right Of
First Refusal provision that gives the owner an opportunity to acquire the
fee-simple interest, if the ground lessor elects to sell their interest. The
Property generates $1,481,004 of in-place NOI at 96.7% occupancy with no
repositioning required.
Tax-sheltered income. 64 years of term. Built to hold.
