An Elk Grove shopping center has been sold to a Woodland Hills real estate investment company for around $40 million.
The center, Marketplace 99 on East Stockton Boulevard, was purchased by NewMark Merrill Cos. of Woodland Hills earlier this month. NewMark bought the center from Donahue Schriber, a Costa Mesa real estate firm.
Sandy Sigal, founder and chief executive of NewMark, called the center “a good place to invest some long-term money.”
The center’s tenants include Hobby Lobby, Staples and Dress for Less.
“We love the tenants; we’ve got a good tenant mix,” Sigal said. “The community of Elk Grove is just going gangbusters.”
He said the center is in good shape and doesn’t require an overhaul.
NewMark already has a presence in Sacramento, managing the Elverta Crossing shopping center in Antelope and Southgate Plaza on Sacramento’s Florin Road.
Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.