Orange County Company Buys Sacramento-Area Mall
Irvine, Calif.shy;–based Steadfast Cos. has closed escrow on its purchase of the Sunrise Mall, a 121-unit enclosed shopping center located in Citrus Heights, Calif., 15 miles northeast of Sacramento.
The company purchased the property from the Cordano Co. of Sacramento for an undisclosed sum. Macy’s, Sears, JCPenney and UA Theaters anchor the center. Supporting tenants include national and regional chain stores such as Pacific Sunwear, Zumiez, Frederick’s of Hollywood, Victoria’s Secret and Christopher & Banks.
Steadfast officials indicated that they want to improve top-line growth at the center, which currently garners about $200 million in sales. The mall is at 94 percent occupancy. The company’s portfolio includes retail and commercial holdings in California, Oregon and Washington. “Sunrise is well-positioned as a key infill location that caters to a huge existing population,” said Jim Yoder, senior vice president. —Robert McAllister
