The Shops at Visalia Pavilion, located at 3833, 3837, 3927, 4015 West Caldwell Avenue in Visalia, California, have sold for $8,750,000 to Toor Capital, LLC, a local Visalia family real estate office directed by Arun Toor. Image via Kidder Mathews.
Written by The Business Journal Staff
A Visalia shopping center anchored by a WinCo store has sold for $8.75 million.
The Shops at Visalia Pavilion on West Caldwell Avenue consist of four separate multi-tenant pad buildings totaling 33,000 square feet. It is located within a larger WinCo-anchored shopping center.
The buyer is Toor Capital, LLC, a local Visalia family real estate office directed by Arun Toor. Seattle, Washington-based real estate brokerage Kidder Matthews, which announced the transaction, represented the seller, New York-based private equity firm Cohen Equities.
Peter Beauchamp, Darren Tappen and Jenette Bennett were the Kidder Matthews brokers involved with the sale.
“The asset was 95% leased at the time of the sale with notable tenants including a Starbucks drive-thru, Subway, T-Mobile and Papa Murphy’s Pizza,” stated Beauchamp. “It was a compelling acquisition due to the asset’s stable in-place credit tenancy which included a ground-leased pad at the NWC; originally a build-to-suit for Tahoe Joe’s, a popular multi-location restaurant chain. In addition to purchasing at an attractive cap rate, the buyer recognized potential future upside in the individual pad sales to 1031 net-lease buyers.”