The Great Recession, and the opportunities it gave to buy cheap commercial real estate, are long in the past. Yet, Ethan Conrad Properties keeps finding places to put money.
We’re excited to announce that we just closed escrow on the beautiful Eureka Ridge Plaza, a 37,000 s.f. shopping center located at 1470-1490 Eureka Road in Roseville! Featuring prominent tenants like Yve’s Lingerie, ZUDA Yoga, and Sienna Restaurant, this property is an excellent addition to our portfolio!
Interested in leasing? Call us at 916-779-1000 or message us on Facebook and we’ll put you in touch with our talented broker, Chase Burke!
Prolific real estate investor Ethan Conrad has acquired what he said could be considered the crown jewel of disgraced developer Abe Alizadeh’s former empire for about $10.3 million.
Conrad said escrow closed Friday on 1470-1490 Eureka Road, a 37,000-square-foot retail property on a busy stretch of road in Roseville.
“I would characterize this property as a very nice, extremely well-located property,” Conrad said in an email. “In fact, I would say this property was Abe Alizadeh’s ‘trophy property’ and was probably the best property he owned.”
Though Alizadeh lost the property to foreclosure long ago, Eureka Ridge Plaza only has two current vacancies, totaling less than 4,000 square feet. A leasing flyer supplied by Ethan Conrad Properties Inc. notes that one of the spaces is available with 30 days notice, while the other is second-generation salon space.
Current tenants in the center include Sienna restaurant, Beach Hut Deli, Zuda Yoga and Edible Arrangements. Conrad said he’s planning a light remodel on the property to make it more aesthetically pleasing and valuable.
According to Conrad, the purchase price was about $10.3 million, or about $276 per square foot. The owner of Sienna, who runs another restaurant by the same name in the La Borgata retail center in El Dorado Hills, pushed Conrad to buy Eureka Ridge Plaza, based on his improvements to La Borgata after buying that within the last year, according to Conrad’s announcement to his employees about the new purchase.( Collapse )
Ethan Conrad Properties Inc. is again searching for an up-and-coming business in the Sacramento region to help take to the next level by offering rent credit.
Established companies with $100,000 in annual revenue have until Aug. 30 to enter Ethan Conrad Properties’ Small Business Contest, which will be judged by entrepreneurs, investors and venture capitalists including Conrad, Moneta Ventures LLC managing partner Lokesh Sikaria and DCA Partners managing partner Curt Rocca.
Conrad’s firm has emerged in the last seven years or so as the most prolific commercial property investor in the region, buying up dozens of retail, office and industrial properties.
Ken Miller, Ethan Conrad Properties’ chief operating officer, said the panel will look for company qualities such as strong management and ability to scale up. Being original will also be a big plus.
“We are looking for uniqueness with believability,” Miller said in an email. “Our contest is for businesses that already have a track record, so the contestants are not just presenting concepts.”( Collapse )
We’re pleased to announce that we just closed escrow on Cobblestone Shopping Center located in Redding, CA!
With Dignity Health breaking ground on the land near the property, this is sure to be a benefit to tenants and their clients. We’re excited to transform this property into one of Redding’s premier, bustling shopping centers!
For his latest purchase, Sacramento real estate investor Ethan Conrad went a little out of his typical target area — all the way to Redding.
After submitting a winning bid through an online auction, Conrad closed escrow last week on Cobblestone Shopping Center, a 122,091-square-foot property, for $4.7 million.
In an email, Conrad said Redding is a tight retail market, with vacancy below 6 percent.
“As evidence of what I’ve described above, we already have a 20,000-square-foot grocery store 10-year lease that we’re in the process of negotiating,” he said.
Conrad said Ethan Conrad Properties Inc. is also planning a remodeling and repositioning of the property, which he believed last sold for more than $20 million.
In that sale, however, occupancy was higher. The property is currently about 25 percent occupied, with a large anchor tenant space among those available. Current tenants include Perko’s Cafe, America’s Tire Co. and Goodyear Tire.
Bidders in the online auction were required to put up a $1 million nonrefundable deposit, Conrad said, eliminating many prospective buyers and increasing the chance for a good deal.
The center will benefit not only from the pending grocery store lease, according to Conrad, but also a Dignity Health wellness center campus that broke ground on neighboring land last week.( Collapse )
A workout that’s gotten buzz in Hollywood circles is coming to Roseville.
The locally owned InstaPhysique fitness studio is among the changes planned for a retail center that real estate investor Ethan Conrad acquired last month.
Amy Brown is the owner of InstaPhysique.
InstaPhysique will fill 2,125 square feet in Eureka Ridge Plaza on Eureka Road in Roseville. Owner Amy Brown hopes to open the location in early November. This is the second location for the business, which debuted with a site on Fair Oaks Boulevard near Fulton Avenue last year.
It will be the second fitness-related tenant in the Roseville center, joining Zuda Yoga.
InstaPhysique uses Megaformer machines to tone and sculpt clients’ muscles. Brown said the machines, which emphasize resistance and counter-resistance, cost more than $11,000 each (with accessories). She’s self-financing the Roseville location, which will have room for more machines than are currently offered.
Brown said the new location was a natural step, as sessions often fill quickly at the existing site, which has more than 55 small group classes each week. Even with that many options, clients can still land on waitlists.
“It was time to expand and I’d been looking at space in Roseville for months,” Brown said in an email.( Collapse )
One of the Redding’s most distressed shopping centers has a new owner, and the few tenants who do business there hope it means changes for the better are coming.
Ethan Conrad Properties of Sacramento closed on the Cobblestone Shopping Center on Hartnell Avenue about two weeks ago, said Ken Miller of Northstate Commercial Partners.
Ethan Conrad Properties bought the 122,000-square-foot center for $4.7 million.
The shopping center went back to its lender in 2014 after it was foreclosed on. The amount owed on the loan when the center went into default was $14.3 million.
Raley’s had anchored the Cobblestone Shopping Center for 30 years when it closed there in April 2014. The grocer’s departure left a large hole and the center has been struggling to recover ever since.
Michel Czehatowski owns Redding Acupuncture Health Care and East Earth Trade Winds on the south side of the Cobblestone Center, around the corner from the former Raley’s. Czehatowski moved to the shopping center in 2001 and is one of its oldest tenants.
“I think it’s good,” he said of the new owner. “I guess the bank had owned it before and had little interest in doing anything. They just did the minimal.”
But Ethan Conrad, CEO of Ethan Conrad Properties, said upgrades are coming.( Collapse )