Soma Capital Partners has acquired Rocklin, California-based Blue Oaks Marketplace, a shopping mall, for $19.2 million in funding. The transaction was done in partnership with Timbercreek Asset Management. The seller was Diamond Creek Properties.
San Francisco, CA, June 27, 2017 – Soma Capital Partners (SCP), a privately held real estate investment and advisory firm, today announced the purchase of Blue Oaks Marketplace in Rocklin, CA, for $19.2 million in partnership with Timbercreek Asset Management based in Toronto, Canada. The 100,000 square foot, Class A shopping center sits in a prominent Sacramento retail node with surrounding median incomes of over $120,000.
SCP acquired the 81% leased property from Diamond Creek Properties, a developer based in Sacramento, and plans to develop and reposition two hard-corner pad sites and implement a general capital improvement plan to attract a business in the food service space. The shopping center was built in 2004 for an estimated $32 million to accommodate a large grocery business.
The purchase of Blue Oaks Marketplace is the second purchase for SCP this year, including its February acquisition of a non-performing loan in San Jose on a 250,000 sf office building. SCP took fee-simple ownership of the property on Automation Parkway and shortly thereafter signed a lease for 82,000 sf with Quantenna Communications (NASDAQ: QTNA). SCP is working on Automation Parkway in partnership with Atlas Real Estate Partners, based in New York.
David Smith, Partner with SCP, commented, “We are excited about both deals. Automation Parkway is now home to Quantenna and Western Digital, and we are thrilled with the high-quality caliber of tenants occupying the space. This will be a very active year for us as we estimate opening Quantenna in October 2017 and start renovation work at Blue Oaks, which is very well positioned in Rocklin to attract notable pad and grocer tenants.”
Jordan Caspari, Partner with SCP, added, “We have been very disciplined over the past two years evaluating a tremendous number of opportunities on the West Coast. It’s a competitive landscape with value-add real estate funds looking to put capital out the door and we are very pleased with these two new acquisitions in the Bay Area, which both offer compelling risk-adjusted returns.”
For more information on Soma Capital Partners, please visit the firm’s website, www.soma-capital.com.
About Soma Capital Partners
SCP is a privately held real estate investment manager that acquires commercial properties West of Denver and invests on a special situations basis nationally through structured transactions including note purchases, preferred equity, and recapitalizations. The partners of SCP have raised and invested over $120 million of equity, across all major asset classes, since 2012.