Joint venture acquires California shopping center

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A joint venture between Pacific Coast Capital Partners LLC and Brentwood Developments recently acquired McHenry Square Shopping Center, a 152,000-square-foot property in Modesto, Calif. The value of the transaction was not disclosed. Constructed in 1964, and expanded in 1988, the five-building shopping center is located at 3848 McHenry Ave., situated on 12.2 acres. At the time of sale, the property was 32 percent occupied by Round Table Pizza, Perko's, Curves, Blockbuster Video and other local retailers. The property contains a 63,000-square-foot vacancy formerly leased to a grocery store anchor. The property also contains a 34,000-square-foot vacancy formerly occupied by a Rite Aid. A private trust sold the property. The venture has a significant renovation planned, including extensive building interior and exterior upgrades, tenant signage and a new roof. ...