The nationally recognised real estate brokerage and advisory firm specialising retail property sales, Hanley Investment Group Real Estate Advisors, has announced the sale of Pacific Town Center.
The newly remodelled, fully leased, 142,957sq ft shopping centre anchored by Smart & Final Extra!, Chuze Fitness and Ross Dress for Less in Stockton, California. The sale price was $27M.
Hanley Investment Group’s Vice President Sean Cox and Executive Vice President Kevin Fryman represented the seller, Brixton Capital, a vertically integrated operator of retail and multifamily properties based in San Diego. The buyer, CJ Park & Associates, based in Los Angeles, represented themselves.
Hanley Investment Group also represented the seller in the prior sale of Pacific Town Center in October 2023, when Brixton Capital acquired the property as a complex value add opportunity and advised on strategically positioning the asset as a stabilised retail centre. At that time, the centre was 58 per cent vacant.
“We generated competitive interest and procured multiple offers from private capital and mid-market buyers,” said Cox. “We identified and selected a repeat, private 1031 exchange buyer requiring a short-term escrow, which provided the seller with a high level of execution certainty.”
Cox added, “It has been rewarding to represent both ownership groups in consecutive transactions. When we arranged the sale of Pacific Town Center to Brixton Capital in 2023, they recognised the potential to reposition a well located, grocery anchored centre in California’s Central Valley. Over the next two years, they carried out that vision by completing a full renovation, securing national tenants and bringing the property to full occupancy. The transformation created a compelling investment for the next owner.”
Fryman said Brixton’s redevelopment significantly strengthened the centre’s long term value. “Brixton delivered on every aspect of the business plan, from re-tenanting more than 80,000sq ft to completing a substantial renovation. Their work positioned Pacific Town Center as a 100 per cent-leased, high performing asset that drew strong buyer interest. We were pleased to help them achieve a successful exit.”
