CERES, CALIF. — Yosemite Properties has completed sale of Whitmore Plaza, a shopping center located at 2517-2617 Mitchell Road and 2908-2920 E. Whitmore Ave. in Ceres. Save Mart Portfolio Owner NLP CA LLC acquired the asset from Yosemite Properties for $18.4 million. Save Mart grocery store and Planet Fitness anchor the 115,396-square-foot property.
Capital Rivers Commercial, in conjunction with Hanley Investment Group represented the Seller of this 115,396 square foot Save Mart grocery store anchored shopping center located in the Central Valley town of Ceres, California. Our team was able to achieve a record price because we evaluated and underwrote the property as a possible “break-up” strategy since the property was comprised of multiple separate legal parcels. For the active investor / developer that is looking to create value they could restructure the underlying controlling documents such as the CC&R’s or REA and sell or refinance each individual component of the shopping center to extract additional value.