ELK GROVE, Calif. - The Shops at Laguna Reserve, a 33,308-square-foot, fully leased shopping center shadow-anchored by a newly constructed Safeway grocery store in Elk Grove, California, has sold for $19,175,000 to Bershon Realty Company, LP, a private investment company based in Los Angeles.

The seller, a private investor based in Roseville, California, was represented by Adam Rainey, Pat Ronan and Aman Bains of Gallelli Real Estate, also based in Roseville.

The buyer was represented by Bill Asher and Jeremy McChesney of Hanley Investment Group Real Estate Advisors, based in Corona del Mar, California.

"We are very excited with this acquisition in beautiful Elk Grove," said Brian George, general partner of Bershon Realty Company LP. "We love the fundamentals of this Donahue Schriber-developed center, and we look forward to making it even better to serve the local population."

"This sale underscores the strength of Elk Grove's retail fundamentals and the enduring appeal of well-positioned, daily-needs centers," said Adam Rainey, associate vice president of Gallelli Real Estate. "We worked closely with ownership to highlight the property's long-term stability, national tenancy, and strategic location adjacent to a newly built Safeway. The result was a competitive process and a smooth transaction that delivered strong value for our client."

"Our client was seeking a high-quality retail asset with durable income and long-term upside, and this property checked every box," said Bill Asher, executive vice president of Hanley Investment Group Real Estate Advisors. "We moved quickly to secure the opportunity, negotiating terms within two weeks of the property being listed for sale and facilitated a streamlined due diligence in less than 30 days and a 45-day escrow to meet the buyer's exchange timeline."

Located at 10040-10064 Bruceville Road, The Shops at Laguna Reserve spans four parcels totaling 4.16 acres at the hard-corner, signalized intersection of Whitelock Parkway and Bruceville Road, which sees an average of 24,000 vehicles per day. Six pad buildings were constructed in 2005, and in 2024, the Safeway was added, enhancing the center's visibility and tenant mix.

The sale included the fee-simple interest in the six buildings and underlying land. Safeway was not part of the transaction.

The pad and shop buildings are occupied by a mix of national and local tenants, including Starbucks, Pacific Dental, Bank of America, and Round Table Pizza. Additional tenants include a nail salon, dry cleaners, pet hospital, pet groomer, and specialty food shops. More than half of the tenants have maintained long-term occupancy, reflecting the property's enduring appeal and consistent demand.

The Elk Grove submarket reports a retail vacancy rate of just 2.3% across 6.2 million square feet, with strong household demographics and limited new construction contributing to upward pressure on rental rates. The property is located in a densely populated area near Franklin High School and Toby Johnson Middle School, with more than 106,000 residents and 34,500 households within a three-mile radius.

Grocery-anchored and grocery-shadow-anchored retail centers remain among the most sought-after assets in today's market. With built-in traffic drivers, daily-needs tenancy, and long-term stability, these properties are especially attractive in high-growth submarkets like Elk Grove.

About Gallelli Real Estate

With more than 130 years of combined experience among its principals and partners, Gallelli Real Estate brings not only deep industry knowledge but also a profound respect for commercial real estate and the people behind it. The firm is built on a foundation of long-standing relationships, a collaborative team culture, and a dedication to client service. Core values such as partnership, organizational integrity, and relationship-building continue to guide Gallelli’s approach and fuel its unwavering commitment to client success. As a boutique firm, Gallelli leverages its intimate understanding of the business to deliver tailored solutions that respond to the evolving needs of both clients and the broader industry. The firm’s success is measured by the achievements of its clients and the enduring strength of its partnerships.

For more information, visit: www.gallellire.com.

About Hanley Investment Group

Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with over a $12 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.

For more information, visit www.hanleyinvestment.com.

Media Contact
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Bill Asher, Executive Vice President
Email: Send Email
Phone: 949.585.7684
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
State: California
Country: United States
Website: https://hanleyinvestmentgroup.com/