NorCal retail space purchased, development planned

Investor eyes opportunities to add value

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Grubb & Ellis Co. represented Lakha Investment Co, LLC, a Bellevue, Wash.-based private investor, in the acquisition of an 83,394-square-foot retail center in Rocklin, Calif. The transaction, which closed on March 31, was valued at $30.3 million. The property, Blue Oaks Marketplace, is located at 6815-6851 Lonetree Blvd. It was approximately 70 percent leased at the time of closing, including such tenants as Fitness 19 and The Melting Pot. The new ownership plans to add as much as 20,000 square feet to the center by completing the development of three pad locations. Significant interest has been shown by tenants for the pad locations, and several remain available, according to a press statement. Lakha Investments is also adding value through the marketing of the remaining portion of the in-line space, as well as an approximately 11,000-square-foot anchor space. Blue Oaks Marketplace LLC sold the property. ...