Northmarq’s Pacific Northwest offices arrange $7.55M sale of Taft Hills Plaza, a 69,419-sq.-ft. anchored center

PORTLAND, Ore. (May 7, 2024) — Northmarq’s Pacific Northwest Commercial Investment Sales team of Sean Tufts, Kevin Adatto and Joe Dugoni successfully brokered the $7.55 million sale of a 69,419-sq.-ft. multi-tenant retail property anchored by Albertsons and Ride Aid Pharmacy. Located at 1040 Kern St. in Taft, Calif., Taft Hills Plaza was built in 1985 and is situated on 5.77 acres.

Northmarq represented the buyer, Rhino Investments Group. The sellers were two California-based private investors.

“We were excited to help our long-time client acquire the strong performing grocery-anchored center in a tertiary market,” said Tufts. “There are still some very good opportunities in smaller towns for groups that can think outside the traditional box.”

Situated at the highly trafficked and signalized intersection of Kern Street and 10th Street, Taft Hills Plaza offers a mix of retail tenants in a growing trade area. The grocery-anchored property boasts one of the top performing Albertsons nationwide, which has occupied the space since the shopping center’s completion. With national tenants such as Jack in the Box, Starbucks and T-Mobile, Taft Hills Plaza benefits from a diverse and strong tenant mix.