A locally based investor paid $5.2 mil for Lathrop Crossing, a 16.3k sf multi-tenant retail property in Lathrop, a central CA city situated about 10 miles south of Stockton. The property sold at a price per square foot of $319 and a cap rate of 6.25 percent.
Built in 2008 and situated on 2.48 acres, the property is located at 15320-15346 S. Harlan Rd with high-profile exposure and unobstructed visibility to I-5. It is fully occupied by six tenants including Little Caesars Pizza, Dickey’s BBQ, Subway, and In-Shape Fitness occupying 47 percent of the total square footage.
Lathrop Crossing benefits from its proximity to major corporate offices and distribution centers including Tesla, Amazon, In-N-Out, John Deere, and Ghirardelli Chocolate.
Jeff Conover with Faris Lee Investments represented the seller, San Francisco-based Lathrop Crossing, LLC. The buyer, Vattadi Lathrop Crossing LLC, was repped by Prince Realty.
“This property stands to increase in future value as its location is within a region that is poised for a significant amount of job growth over the next several years,” said Conover. “Investors are seeking retail assets like this one that not only have strong tenancy with longer-term leases, but are also situated in areas that show paths of progress.”